Major investors have dialled down their bullish valuation forecasts for bitcoin after a series of sharp drops in its value, with the average year-end price expectation more than 20% lower compared to expectations in February.

A Procensus survey, which polled 137 investors managing in excess of $17tn, put their average year-end price expectation for bitcoin at $47,000. This is down from $60,000 when investors were last surveyed four months ago, a period that coincided with a steep price rise and the cryptocurrency’s market cap breaching the $1tn mark.