A CNBC survey of 100 CIOs (chief investment officers) and portfolio managers has revealed: Majority think Bitcoin will end the year below $30,000.
The year 2021 started with an incredible run: Bitcoin seemed to defy all overbought signals and managed to increase its price to $65,000 by mid-April.
Since then, a bearish wave seems to have set in, as one negative ("FUD") report after another began to spread. The results of a recent CNBC poll only reinforce the bearish sentiment.
However, there are also bullish voices, according to which the leading cryptocurrency could reach $100,000 before the year ends.
44% of investment managers see bitcoin below $30k
CNBC's quarterly survey of institutional investment managers paints a bleak picture for Bitcoin. 44% of respondents believe bitcoin will finish the year below $30,000.
25% of respondents, on the other hand, believe bitcoin will reach $40,000 by the end of the year. Another 25% see $50,000, and the remaining 6% believe BTC could close at $60,000.
"Squawk Box" host Andrew Sorkin does agree with most respondents on a short time scale. Over ten years, however, he thinks Bitcoin will trade above $30,000.
"By the end of the year, and maybe I'm being a cynic here, I would take the lower. But if you say ten years from now, I'd take the top."
Moderator Joe Kernan skipped over the question of where he stood on the issue. Instead, in a cautiously bullish comment, Kernan said that even at $30,000 by the end of the year, the price would allay many concerns as it forms a long-term floor.
"Thirty or 28, if that really was a long-term bottom, that would take a lot of fear out of crypto for people, don't you think?"
Bloomberg issues $100,000 price prediction
According to Bloomberg's latest "Crypto Outlook Report", Bitcoin could reach $100,000 by the end of 2021.
Based on momentum and the fact that the cryptocurrency is generally on an upward trend, the report says the leading cryptocurrency is more likely to reach $100,000 than drop below $20,000.
"Bitcoin is more likely to rise back towards the $100,000 resistance level than to remain below $20,000."
The report was published in early June, when BTC was forced to give $14k (or -33%) lost in a single day.
Earlier this year, as Bitcoin hit one new all-time high after another, calls for a year-end price of $100,000 were much more common.
In January, JPMorgan published a note claiming that Bitcoin could rise to $100,000 in 2021. However, such a price spike would "prove unsustainable".
"While we cannot rule out the possibility of the current speculative mania spreading further and driving the bitcoin price towards the consensus region of between $50k and $100k, we believe that such a price level would prove unsustainable."
Price action in recent weeks has shown strong support at the $29k level. But with the bulls unable to trigger an upside breakout, sentiment around Bitcoin is somewhat subdued.
With the new month, however, comes renewed hope that the BTC bulls can take control of the market.