The decline of Bitcoin over the past several weeks has alarmed investors in the space. The digital asset that peaked at $69,000 has fallen to $17,600 and is still struggling to hold $20,000, which has dampened investor sentiment along with it. The same sentiment was shared by a group of Wall Street investors who were polled on how they view the digital asset. Mostly, investors don’t see any upward movement in the near future.
Most say Bitcoin is declining
Among the 950 participants surveyed by MLIV Pulse, the majority revealed that they do not expect any major recovery for Bitcoin. The digital asset is currently trading above $20,000, but these investors believe it is likely to crash further. A total of 60% of all respondents said they expect the price of Bitcoin to actually drop to $10,000. Furthermore, they believe that this price point is more likely compared to the digital asset’s $30,000 price point.
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This same school of thought has been echoed by many in the space, especially on social media. However, this was not the only sentiment among the investors surveyed. Although the majority feel that digital assets will succumb more to the bear market, there are still those who believe there are more positive things to come.
The remaining 40% of the survey group gave their most optimistic predictions. This section of the pool admitted that they expected the bitcoin price to actually reach $30,000 before hitting $10,000. Interestingly, the vast majority of investors who had positive reviews about the cryptocurrency were the most experienced investors.
BTC trading at $20,546 | Source: BTUCSD on TradingView.com
These professional investors were more likely to believe that cryptocurrency is the future and even when they weren’t investors and remained skeptical, they were more open towards cryptocurrencies than their less experienced counterparts.
Is $10,000 Possible?
Given how the previous bitcoin bear market has gone, it is not surprising to see that the majority of investors are in fact expecting the price of the digital asset to drop to $10,000 before it makes any significant recovery. The historical look shows that Bitcoin has consistently lost more than 80% of its all-time high value in every bear market, and if it continues following this trend, the $10,000 level will still be the likely level to reach.
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However, it is important to note that Bitcoin has deviated significantly from the “established” trends with which it has become associated. One of them is the multiple ascent of Taurus in 2021, which has never been seen before. It brought more interest into the space, thus bringing in more money which is likely to drive up the price.
Another thing is that the price of the digital asset has fallen below the high of its previous cycle, although this is more bearish than bullish for the future of the digital asset. However, this is a sign of constant anomalies and there is still a possibility that losing 80% of its high value at all may not be another aberration for Bitcoin.
Featured image from Forbes, charts from TradingView.com
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