Categories: Bitcoin Latest News

Huge Traders Remain Super Bullish on Bitcoin Despite Crypto Carnage

A big player in professional finance says its trading partners see bitcoin rebounding to $32,000 this year.Read MoreCoinDesk

Bitcoin (BTC) remains way below its highs, and reasons for optimism seem scarce. But not for some of the biggest traders, who’ve retained a rosy view.

Cumberland, a Chicago-based market-making firm that buys and sells with institutions and other firms that do big transactions, recently surveyed its clients and found optimism abounds.

Though the median respondent didn’t see the pain as being fully over – reckoning that bitcoin will get as low as $16,000 in 2022 from around $23,500 currently – a large rebound is foreseen: a jump to a high of $32,000 sometime this year.

“Even in the wake of a severe sell-off, the average respondent was still high-conviction bullish,” according to the report released this week. “Even in a bear market, the direction is not surprising. After all, most of us are in crypto because we believe in bitcoin; if we didn’t have a bullish streak, we’d probably still be trading [foreign exchange].”

However, the magnitude of the anticipated rally is a surprise to Cumberland, a division of Chicago trading legend Don Wilson’s DRW, given that survey respondents only saw a 4% rally in the Nasdaq, and stocks and crypto prices have been tightly correlated.

Talk of a lengthy crypto winter has many investors fretting, so the bullishness among professionals with much at stake stands out. As with conventional markets such as stocks, though, crypto’s path does probably hinge on whatever the Federal Reserve does with U.S. interest rates. And, indeed, Cumberland’s clients took that view. “It’s very striking that the most common response for both positive and negative catalysts is movement by the Fed,” according to the report.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

AddThis Website Tools

Recent Posts

Asia Morning Briefing: The First AI vs BTC Environmental Impact Numbers are Here. And it Might Start a New Debate

Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing,…

21 minutes ago

‘Sell Ethereum, Buy Bitcoin’: Peter Schiff Makes Surprising Crypto Call

In a fresh post to X on 21 July, long-time cryptoc sceptic and gold advocate…

21 minutes ago

Bitcoin Must Defend This Key Support For $180,000 Year-End Target, Analyst Says

As Bitcoin (BTC) consolidates near the $119,000 mark following a new all-time high (ATH) above…

1 hour ago

Analyst Drops ‘Realistic’ Price Predictions For Bitcoin, Ethereum, LINK, BNB, And Aptos

As the crypto market gears up for what many expect to be a major bull…

5 hours ago

Trump Shares Viral Bitcoin Breakdown — Here’s What He Posted

President Donald Trump has reignited crypto conversations online after sharing a viral video explaining Bitcoin…

5 hours ago

RGB v0.11.1 Launches, Allowing The Creation Of Digital Assets on Bitcoin Mainnet

Bitcoin Magazine RGB v0.11.1 Launches, Allowing The Creation Of Digital Assets on Bitcoin Mainnet RGB…

5 hours ago