A new survey shows that a majority of the nearly 1,000 investors who responded expect the price of bitcoin to fall to $10K. In addition, 28% of respondents express strong confidence that cryptocurrencies are the future of finance, while 20% say they are worthless.
Investors believe Bitcoin could fall to $10K
The latest Bloomberg MLIV Pulse survey, conducted July 5-8, asked the 950 investors who responded where they see the bitcoin price heading.
Respondents were asked, “At what level will bitcoin initially trade: $10K or $30K?” According to results released Monday, 60% of those respondents saidBTCwould first fall to the $10K level.
In addition, 28% of respondents expressed strong confidence that cryptocurrencies are the future of finance, while 20% said they have no value, Bloomberg said, adding that most respondents are at least slightly skeptical about cryptocurrencies.
When asked about non-ghost tokens (NFTs), only 9% of respondents said they were an investment opportunity. The majority see them as art projects or status symbols.
At the time of this writing, bitcoin is trading at $20,553, down 3.3% in the past 24 hours and 40% in one year.
There has been much debate as to where the bottom is for bitcoin. Shark Tank star Kevin O’Leary said last week that he does not believe we have seen a bottom yet. He warned of a major panic event in crypto.
Analysts at Fidelity Investments recently said that at current levels, bitcoin is cheap. Deutsche Bank predictedin June that BTCwould rise to $28K by the end of the year, but warned that a crypto free fall could follow.
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