Concerns have been raised by investors who are concerned about bitcoin’s decline over recent weeks. Bitcoin, once valued at $69,000, has fallen to as low as $17600. It continues to struggle for $20,000 and is dragging down investor sentiment. A survey of Wall Street investors revealed the same sentiment about how they view this digital asset. Investors don’t see bullish movements in the immediate future.
The Majority Believes That Bitcoin is Going Down
MLIV Pulse surveyed 950 participants and most said they didn’t expect bitcoin to recover. While bitcoin currently trades at $20,000, many investors feel that the digital asset will soon crash. Sixty percent of respondents predicted that bitcoin’s price would fall to $10,000. Furthermore, they believe that this price point is more likely compared to the digital asset’s price hitting $30,000.
Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow| Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow
Many in the industry, particularly on social media, have echoed this same thought. It wasn’t the only opinion that investors were expressing. Although the majority of investors believed digital assets would be further affected by the bear market, others still felt that positive changes were on the horizon.
40% of respondents to the survey made more optimistic predictions. These pool members predicted bitcoin’s price would rise to $30,000, before hitting $10,000. It was interesting to note that the majority of cryptocurrency investors had positive opinions of it.
Source: BTUCSD on TradingView.com| Source: BTUCSD on TradingView.com
The majority of professional investors believe that cryptocurrency is the future. Even though they are not yet investors, these investors are more inclined to be open to cryptocurrencies than less-experienced counterparts.
Are You able to make $10,000?
It is not surprising that investors expect bitcoin’s price to drop to $10,000 given the history of previous bear markets. If bitcoin continues this trend and loses more than 80%, it will likely fall to $10,000.
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However, it is important to note that bitcoin has deviated severally from ‘established’ trends that have become associated with it. The most notable is 2021’s multiple bull rallies, which were unlike anything else. The increase in interest has brought greater money to the market, and this is expected to continue to drive up prices.
It is also evident that the value of bitcoin has declined below its high in the previous cycle, though this may be more concerning for the future than it is positive. Nevertheless, it’s a sign of the continued deviations and there remains a possibility that not losing 80% of its all-time high value is another deviation bitcoin might make.
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