CNBC survey shows investment officers believe bitcoin will end 2021 below $30K

Majority of Chief Investment Officers (CIOs) who were surveyed by CNBC think that bitcoin, the leading digital currency by market capitalization, will end the year at below $30,000.

This is in contrast to the report of Bloomberg a few days ago stating that the cryptocurrency could still hit $100,000 apiece before the year ends.

It can be recalled that after an unbelievable run made by bitcoin this year, which saw it defy overbought signals and hike its price to an all-time high of $65,000 by mid-April, a series of bearish movements made bitcoin lose almost half of its value.

At one point, it even dipped below $30,000. Since then, the cryptocurrency has been trying to climb back, but still languishes below the $40,000 levels for quite some time now.

Bitcoin in a grim picture

CNBC’s survey puts the top crypto in a grim picture, as 44% of institutional investment managers believe it will end the year below $30,000.

Meanwhile, 25% of the participants were fairly optimistic, saying the digital currency will hit $40,000 before 2021 comes to an end. Another 25% were more positive, hoping bitcoin will hit $50,000 to close the year.

The remaining 6% of the survey participants were bullish, saying BTC could still hit $60,000 before 2022 comes.

What others think of the result

During the discussion of the survey’s result, Andrew Sorkin, Squawk Box anchor, said he will agree with the sentiment of the majority of the respondents.

“By the end of the year, and maybe I’ll be a cynic here, I would take the under. But if you said 10 years from now I would take the over,” said the anchor, referring to the $30,000 price level.

 

Image courtesy of Cointelegraph News/YouTube

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