In what appears to be a direct refutation to the widely held theories of most bullish Bitcoin proponents, Wall Street thinks Bitcoin is more likely to plummet to $10,000 first before a surge to $30,000 can be considered – according to a recent survey.
Retail investors are generally less receptive to crypto assets
As noted by Bloomberg, in an MLIV Pulse Survey, the opinions of 950 responders on the direction of Bitcoin from its current position were requested. About 570 responders – making up 60% – predicted that the digital gold is more likely to dip below $10,000 first than it is to get to $30,000.
The bearish prediction comes when the Crypto Winter’s damaging effects are evident in the crypto space, with investors watching as their digital asset holdings diminish to scary values. Consequently, market sentiments have not been particularly favourable, and this recent survey further indicates that.
Furthermore, nonprofessional market participants were generally less receptive to digital assets than their professional counterparts. Per the survey, many retail investors believe all crypto assets are garbage, while most professional investors expressed that they were open-minded, albeit sceptical, of the asset class. Most also believe crypto is the future.
At a time when panic is circulating, most Bitcoiners are hopeful
The effects of the bear market have not been pronounced to downplay the millions in losses that most investors within the crypto space have incurred. From the LUNA/UST crash to the wave of deleveraging that has plagued the space with crypto entities filing for bankruptcy, almost every space sector is feeling the heat.
However, most prominent Bitcoiners have displayed hope in their bullish outlook when panic appears to be circulating. El Salvador’s president, Nayib Bukele and MicroStrategy’s Michael Saylor are just two such proponents. The duo have not failed to express support for BTC, separately scooping in more assets in the bear market.
As of press time, BTC trades at $24.5k – a whopping 70% drop from its all-time high of $69k in November of 2021. The bear market’s effects were especially severe on the firstborn crypto in June, with the asset plummeting to an incredible $17,708 value – its lowest since December 2020. The crypto markets are slightly recovering from the blows suffered in June, but there is still a long way to go.