Market Survey: Bitcoin (BTC) Likely to Plunge to $10K Than Hitting $30K

Start Trading
  • 60% of the surveyed investors believe BTC will drop to $10K before contemplating an upside to $30K.
  • Retail investors remain more worried than institutional market players.
  • The previous day saw Bitcoin losing over 4% to drop back to its $20K vicinity.

Bloomberg measured investor sentiments during its latest MLIV Pulse weekly survey. 11 July reports show the survey interviewed 950 market players over the past week, asking whether they thought BTC would revive or extend lower first.

The results show that 60% believed the bellwether crypto would likely slump further to $10,000 before planning recoveries to $30K.

The outlet revealed that the lopsided forecast underscored how bearish market participants have become amidst the prevailing market conditions. Though interviewing a portion of investors is not conclusive, it reflects sentiments, confirming bearish tendencies.

Meanwhile, 40% thought Bitcoin would explore $30K before revering to $10K. The crypto has declined again during the weekend, sliding towards the support of $20K during the early Monday Asian session.

Retail Investors Worried

The report showed retail market players were more anxious than institutional ones. Nearly a quarter of the surveyed individuals thought cryptocurrencies were garbage, while a similar figure said digital assets would define the future of money.

About a 3rd of institutional players stated that they remained skeptical but stayed open-minded. Meanwhile, 26% were optimistic about virtual coins regardless of the prevailing market outlook.

Jared Madfes, a partner at Tribe Capital venture firm, told the source that the overall economic stance triggers fear globally, besides the crypto space. He believes the latest survey forecast and results reveal the inherent fear of market participants.

The BTC fear & greed index highlighted extreme fear, reading at 22/100 early Monday. It has maintained such reading for over a month.

Bitcoin has lost about 70% since its $69K peak in November 2021. Nevertheless, things seem to stabilize near current price areas, where BTC has consolidated for around three weeks.

BTC Price Outlook

Bitcoin traded at $20,564 during this publication, losing 4.1% within the past day. The crypto hit a weekend peak at $21,871 during Saturday’s sessions but could not maintain the gains.

BTC appears weak at $20K and might secure support beyond the $19K mark. If history repeats, welcoming the past bear markets that catalyzed an over 82% slump, Bitcoin might slide to $12K, validating the survey forecasts.

Start Trading

Leave a Comment

1 Institute Trade Blog | All Rights Reserved 2022 | Disclaimer | ✉ Contact