Bitcoin Could Trade Between $17,600 and $25,000 Until End of 2022, Survey Says, Here’s Why

In a recent piece, Bloomberg stated that traders have generally been positive about the recent SEC crackdowns on crypto companies, believing it to be a bullish sign for this type of asset. They think so because they would rather invest in crypto “after greater enforcement.”

In this regard, many investors have changed their expectations for Bitcoin from what they said in July. Now they believe that BTC will remain above the $17,600 level, and go up to $25,000 at least until 2022 is over.

Crypto becomes more attractive as aggressive SEC enforcement brings digital assets out of the Wild West and into traditional investing, investors say

— Bloomberg Crypto (@crypto) 25 October 2022

Investors are taking a positive view of the SEC’s crypto witch hunt

The recent MLIV Pulse survey has shown that investors consider the recent legal actions of the SEC against crypto market participants as a bullish thing for crypto in general. Almost 60% of the 564 people involved in the survey said they think so.

The recent investigations by the securities regulator include Three Arrows Capital and Celsius Network (both of which went bankrupt), and Yuga Labs, which created the NFT collection Bored Ape.

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One of the respondents, President of World Markets for TIAA Bank Chris Gaffney, said that he believes these surveys are positive because when there is more regulation in the crypto market, it will stop being “the Wild West” and will be more like a traditional investment tool, getting “better”.

Bitcoin sentiment improves from July

This wave of positive expectations has extended to Bitcoin. The majority of investors who participated in the survey have become more positive on the BTC price compared to their opinion back in July.

Until the end of 2022, they believe, the flagship cryptocurrency will remain range-bound between the levels of $17,600 and $25,000. Compared to this, in July, they had expectations that BTC would fall to $10,000 and then rise back to the $30,000 line.

However, Bloomberg adds, in this previous survey, they had more options to choose from instead of during the summer.

Down around 60% this year, the leading crypto, Bitcoin, has traded in a range between $18,171 and $25,203 since July, when the previous survey was conducted.

Since March, Bitcoin has shown a strong correlation with the S&P 500 index. Now, 42% of survey participants said they expect BTC to remain correlated with tech stocks over the next year. 4-3 percent plan to pour more of their money into cryptocurrencies and assets related to them in the next 12 months.