The majority of Wall Street investors expect Bitcoin to plunge to this new low: the survey
A new study finds that many Wall Street investors believe that Bitcoin (BTC) has not bottomed out and will fall to almost half its current value.
A new Bloomberg MLIV Pulse survey says it asked 950 Wall Street investors if they expected Bitcoin to first regain the $ 30,000 level or fall to $ 10,000, with 60% saying they agreed with the bearish scenario.
The vote went from July 5 to 8, with Bitcoin ranging from a low of $ 19,420 up to as high as $ 22,109. With Bitcoin’s current price of $ 19,883, the leading cryptocurrency at market value would have to fall by 49.7% to be priced at $ 10,000.
Conversely, Bitcoin will have to increase by 50.88% to reach $ 30,000.
Regarding the general bearish sentiment, says Bloomberg,
“The crypto industry has been shaken by troubled lenders, collapsed currencies and an end to the simple monetary policy of the pandemic that led to speculative insanity in the financial markets.”
The research team was also asked about other aspects of the crypto area, with retail investors being more skeptical compared to their industry peers.
Among professionals, 26% believe that cryptocurrencies are the future compared to 23% on the retail side, and 24% of retail respondents believe that digital assets are “all rubbish”, while only 18% of professionals have such a gloomy opinion.
Despite the staggering tumult the crypto markets have been going through since reaching all-time highs in November last year, Bloomberg notes that respondents still believe Bitcoin or Ethereum (ETH) can survive in the long run.
“A majority of respondents expect one of these two to remain a driving force in five years, although a significant proportion see the central bank’s digital currencies play a key role.”
While non-fungible tokens (NFTs) entered the mainstream in 2021, only 9% of investors believe that this niche area for crypto is a viable investment opportunity.
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Featured image: Shutterstock / 3Dsculptor / David Sandron
