A majority of JPMorgan's clients see bitcoin at around $60,000 by year-end, with just 5% expecting the cryptocurrency to hit $100,000

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Last year, bullish exuberance around the $100,000 milestone was very much present. The coin ended the year at less than half of what it was.

The investment bank surveyed 47 of its clients between December 13 and January 7 as part of its broader macroeconomic outlook for the year.

Around 41% of the clients see the world's most valuable coin ending the year around $60,000, an upside of around 46% from Monday's price. By the end of the year, only 5% of people think that the price of bitcoin will hit $100,000.

According to the clients of JP Morgan, the price of Bitcoins will end in 2022.

It's JPMorgan.

It has been a rough ride for cryptocurrencies so far, as they faced selling pressures in the wake of a risk-off shift spurred by the Federal Reserve.

After falling to its lowest level since September, the virtual currency rebounded to $41,000. Since the start of the year, the price of the digital currency has fallen by 10% and is 40% below its record high.

The president of El Salvadoran, who is a fan of the digital currency, is optimistic that it will reach $100,000 in 2022.
If institutions start preferring it to gold in their portfolios, the price of the virtual currency could surge to $150,000 in the long run. The coin's current level is 256% above that. The bank said that a price of $73,000 looks reasonable in the future.

The bank said that the volatility of the digital currency is five to four times higher than gold. It would have to fall before institutional investors show up.

A new member is joining the $100,000 bandwagon this year. If it continues to take market share from gold, Goldman said that it could rocket to that level.

Business Insider has an original article.