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Bitcoin More Likely to Crash to $10K Than Hit $30K: Market Survey

Jimmy Khan

Jul 11, 2022 14:57


Bloomberg's most recent Markets Live (MLIV Pulse) weekly poll measures investor mood. According to information published on July 11, the study questioned 950 investors last week about their predictions for whether Bitcoin will rise again or continue to fall.

The findings were unambiguous: 60% of respondents believed that the asset was more likely to continue to decline and hit $10,000 than to rise to $30,000.

The source said that "the lopsided projection highlights how gloomy investors have grown."

Even if a small sample of investors cannot be used to draw firm conclusions, it does provide a glimpse of investor sentiment, which is still overwhelmingly negative.

Only 40% of people predicted that Bitcoin would surpass $30,000 before it reached $10,000. The asset lost ground over the weekend after sliding near support at $20,000 during the Asian trading session on Monday morning.

Fear among Retail Investors

The research also noted that individual investors were more wary than institutional investors. Nearly 25% of those polled said digital assets were "trash," yet a comparable percentage believed they represented the future of banking.

Nearly a third of institutional investors said they were cautious but maintained an open mind, and 26% said they were confidence in the asset class despite the state of the markets.

Jared Madfes, a partner at venture capital company Tribe Capital, told the publication that there wasn't simply anxiety in the cryptocurrency markets. He said, "It's really simple to be frightened right now, not just in crypto but generally in the globe," before claiming that the poll findings and forecasts of more losses reflect "people's natural dread in the market."

On Monday morning, the "fear and greed" index for the mood toward bitcoin indicated a level of "severe fear" or 22 out of 100. This condition has existed for more than a month.

Since reaching a record of over $69,000 in November, bitcoin values have fallen by almost 70%. However, the asset has been consolidating for almost three weeks at the present price levels, where things seem to have steadied.

Future Price of Bitcoin

At the time of writing, BTC was down 4.1 percent over the previous 24 hours and was trading at $20,564. On Saturday, it rose to a weekend high of $21,871, but it has been unable to hold onto those gains.

Should the asset fail to hold the $20K mark, which seems probable at the time, there is support slightly over $19,000. If past bear markets are any indication, this one might see prices drop by more than 82 percent, verifying the forecasts of the study and returning to the $12K level.