Bitcoin To Tumble To $10,000, No Relief Rally: Survey
- Bitcoin might drop to $10,000 as per a survey
- The chances of reclaiming $30,000 are not high majority believes
Bitcoin, the leading cryptocurrency in the market, is likely to tumble down to the $10,000 price region in the near future than reclaim the $30,000 price region, claims a MLIV survey.
According to a report from Bloomberg, the world’s biggest cryptocurrency is expected to drop more than 50% in the near future and the chances of making higher highs are next to zero. 60% of the 950 investors who responded to the latest MLIV Pulse survey believe in the bearish prediction.
On the other hand, 40% of the people who participated in the survey belive that Bitcoin will reclaim the $30,000 price region. On the other hand, as of 5:14 am ET, the price of BTC is $20,550 according to the data from CoinMarketCap (CMC).
Since the start of the year, around $2 trillion have been wiped off from the crypto space and it seems that further losses might be seen in the coming days as well.
“Retail investors were more apprehensive about cryptocurrencies than their institutional counterparts, with almost a quarter declaring the asset class to be garbage. Professional investors were more open-minded toward digital assets.”Said Bloomberg.
In the survey, 28% of the people believe that Bitcoin is the future of finance while 20% of the people confirmed that digital assets are worthless. Interestingly, Bitcoin has already lost two-thirds of its value since visiting the all-time high in the month of November 2021 at a price of $69,000.
Jared Madfes, partner at Tribe Capital believes that the bearish prediction represents the “people’s inherent fear in the market.”
Bitcoin regulations incoming
While the United States Securities and Exchange Commission (SEC) Chair Gary Gensler believes that Bitcoin (BTC) is a commodity and other cryptocurrencies like Ethereum are securities, the US government has yet to introduce a formal regulation regarding cryptocurrencies.
On the other hand, the current decline in the crypto market, the 3AC bankrupcy and the UST-LUNA crash are among the reasons why authorities might aim to tightly regulate the crypto market.
“Bitcoin still is powering large parts of the cryptoverse, while Ethereum is losing its lead.”said Ed Moya, senior market analyst at Oanda Corp., a foreign-exchange broker.