Will cryptocurrency be abandoned? Only 5% of Xiaomi consumers believe Bitcoin will reach $ 100,000 by the end of 2022.

While speculation in the crypto industry that Bitcoin will hit $ 100,000 is huge, Wall Street is not like the crypto industry.

Only 5% of consumers surveyed by JPMorgan Chase say they expect Bitcoin to hit $ 100,000 each by the end of 2022.

However, over 40% of consumers still expect the value of Bitcoin to return above $ 60,000 per coin. Bitcoin, the world's largest cryptocurrency, started a new downtrend two months ago, and since hitting an all-time high of $ 69,000 in early November last year, Bitcoin has lost more than 40%. , data shows Bitcoin has fallen 14% year-to-date, making it the worst start since the birth of the cryptocurrency.

Crypto assets face yet another crisis as the Fed is likely to hike rates in March. What you need to know is that with the rise in inflation, the Fed has already announced to the industry that it will reduce its balance sheet sooner than expected. According to the Bloomberg Galaxy Crypto Index, which includes Ethereum, Litecoin, Bitcoin Cash and EOS, has fallen 13% since the start of the year, speculations on investments like Bitcoin have been dashed during the crisis.

According to the press release, Bitcoin rose 2.78% to $ 42,124.66. It fell below $ 40,000 / coin during the New York Talks and came back to $ 42,000 / coin.

Nikolaos Panigirtzoglou, expert at JPMorgan, said: “I am not surprised by the negative sentiment on Bitcoin. oversold, ”declared Bitcoin's fair value between $ 35,000 and $ 73,000 each. Investor assumption on the volatility of gold.

In a time of turmoil, many analysts expect Bitcoin to hit $ 100,000 in the New Year. However, market analysts believe that if the Fed uses too many negative assumptions, Bitcoin's path to $ 100,000 could become more difficult.