The bitcoin price has been bouncing around $20,000 per bitcoin since mid-June (despite some eye-popping bitcoin price predictions). However, ethereum has fallen sharply in the aftermath of its long-awaited, energy-saving upgrade, flying in the face of expectations.
Now, as Blackrock and Fidelity make surprise moves to enter the bitcoin and crypto market, a new finding surfaces. A survey of professional investors who collectively manage $2.2 trillion in assets has returned a huge crypto price prediction.
How Investors Are Taking This Bitcoin Price Action?
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Institutional investors and wealth managers were found to be optimistic about the future price of bitcoin and ethereum. Furthermore, 46% forecasting bitcoin will be worth $35,000 or more within six months. However, 64% predict the price of ethereum will exceed $2,000 during the same period.
“Predicting future price movements in the cryptocurrency market is always a challenging endeavor. However, the survey clearly points to constructive price recovery expectations by institutional investors.” This was stated by Anatoly Crachilov, the chief executive of London-based crypto asset manager Nickel Digital.
Meanwhile, over half (58%) of respondents said they expect the crypto bear market to end within six months. This suggests a spring price rally.
“It is a well-grounded long-term optimism,” Crachilov added. “Investors acknowledge that the ongoing crypto winter still has some way to run but there is also a recognition that, if history is any guide, once the winter ends these high-beta markets will stage strong recovery.”
This Week on Bitcoin And ethereum
This week, as the stock market buckled under pressure from the Federal Reserve and fears rampant inflation could require an even stronger response. Bitcoin, and other crypto prices climbed before falling back, with the bitcoin price dropping to just over $18,000.
“The $18,000 level has continued to provide decent support and if bitcoin doesn’t break down in the coming days, we could see upward movement in October with $24,000 and $26,000 being initial levels to watch,” Joe DiPasquale, the chief executive of bitcoin BitBull Capital, said in emailed comments.
After a sharp drop in the last few days, crypto tokens regained some flair. Top crypto tokens were moving in tandem with other riskier assets, rising higher on Thursday.
Whats Up With The Crypto Markets In Russia
Russia escalated its unprovoked invasion of Ukraine and the prospects of a severe global recession increased exponentially. Consequently Bitcoin, the largest cryptocurrency by market capitalization, was trading above $19,000.
Barring the US dollar-pegged USD Coin, all top crypto tokens were trading sharply higher on Thursday. BNB zoomed more than 5%, whereas Bitcoin, Solana and Ethereum rallied 4% each. XRP and Polygon were 3% up.
The global cryptocurrency market cap was trading significantly higher at $941.75 billion, jumping by 3% in the last 24-hours. However, the total trading volume tumbled over 12 per cent, close to $82.32 billion.
Expert take
This week, the global crypto market cap saw rapid changes with key cryptocurrencies including Bitcoin and Ethereum plummeting. The tokens dropped below their reserve prices but only to make corrections as spot volumes increased. According to Prashant Kumar, Founder & CEO, weTrade.
“Almost a fortnight after the Merge, Ethereum is trading at $1,300,” he added. “The strengthening US dollar, increased rate hikes and calls for broader regulations for stablecoins by the US Federal Reserve chair are all affecting the market.”
On the global scene, AQUA, a Web3 community platform for gamers, has launched its flagship marketplace for trading in-game assets. The startup also announced a $10 million investment from DIGITAL, an investment firm backed by Steve Cohen.