Because of the historical highs and lows of Bitcoin prices, investors have tried and failed to use traditional signs to understand the cryptocurrency's volatile trends.
According to Arab Net, CNBC recently conducted a survey on a group of portfolio managers and stock strategies, to understand the internal sentiment of the fintech community towards Bitcoin, by answering a special question: Where will Bitcoin be by the end of the year?
The survey showed that 44% believe that Bitcoin will plunge below $30,000, and will be almost flat this year, while others were more optimistic.
Squawk Box reported that of the remaining 56%, 25% expected the price to rise and settle at $45,000 while 25% saw Bitcoin at $55,000. A small minority of 6% said Bitcoin could return to $60,000, near its all-time high of $65,000 last April.
Although experts argue that the value of the cryptocurrency can only be equaled if it is used, Bitcoin has stood as a store of value against all odds and speculation. Despite the financial predicament facing panicked investors and changing opinion about Bitcoin and cryptocurrencies, the rate of adoption continues to increase steadily worldwide.
As this survey represents only a small portion of the cryptocurrency community, and in no way represents the totality of investor sentiment, it is advised not to make investment decisions based on bear or bullish market discussions, CoinTelegraph reported.
Bitcoin's recent slide under $29,000 has shaken investor confidence lately. However, many seasoned traders have indicated that the uptrend is approaching. Since Bitcoin's recovery to $32,000, traders are expecting it to return to its former glory.
Many experts also predicted that cryptocurrencies would take off based on the weakness of fiat currencies around the world.
