Survey: Several investors say that Bitcoin will probably hit $ 10,000 instead of $ 30,000

While bitcoin has fallen around 70% from its all-time high in November last year and around 30% in the last month, many investors believe that the price of the cryptocurrency will be much worse, according to Bloomberg’s MLIV Pulse survey.

About 60% of respondents indicated that bitcoin (BTC) is more likely to fall to $ 10,000 instead of going back to $ 30,000. The survey was conducted from July 5 to July 8 and included 950 investor responses.

The price of bitcoin was around $ 20,500 at 16:00 ET on Monday, down 1.6% from a day ago and up 6.2% in the last seven days. BTC’s market capitalization was down to $ 390 billion, down 36% from a year ago, according to Blockworks Research data.

Crypto’s market value fell from a peak of $ 3 trillion in November to less than $ 1 trillion on Monday.

Nearly a quarter of retail retailers surveyed the crypto-asset class as “garbage”, according to the survey, compared to 18% of professional investors. The highest percentage of the latter category – 32% of professional investors – reported being “open but skeptical.”

Approximately 28% of the total respondents expressed strong confidence that cryptocurrencies are the future of finance.

The latest bearish cycle for bitcoin is close to testing the 80% declines seen in previous cryptocurrencies, according to Edward Moya, senior market analyst at OANDA.

“The $ 14,000 level appears to provide significant support if bitcoin breaks later this week,” he wrote in a note Monday. “This week’s inflation report could be the trigger for one last big chunk of crypto.”

Federal Reserve officials do not rule out a new rate hike of 75 basis points to fight inflation, according to the minutes published last week.

“Despite all the pessimism and negative headlines for bitcoin, it is a promising sign that it is fighting at the $ 20,000 level,” Moya added.

The survey also found that around 9% of respondents think of NFTs as an investment opportunity, and the majority view digital assets as art projects or status symbols.

NFT (non-fungible token) marketplace OpenSea traded at $ 646.6 million in volume during June, down more than 65% from May.

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