According to a Survey, Bitcoin May Hit $10,000 Soon

Bloomberg MLIV Pulse recently conducted a survey asking nearly 1,000 investors their views on the future valuation of Bitcoin (BTC). Sixty percent of the 950 investors believe BTC may be hitting the $10,000 price point soon, while 40% saw it going the other way.

The lopsided prediction underscores how bearish investors have become. Jared Madfes, a partner at Tribe Capital, a venture capital firm, said, “It’s very easy to be fearful right now, not only in crypto but generally in the world.” He added that the expectations for a further drop in BTC reflect “people’s inherent fear in the market.”

Contrary to these opinions, historical data from Glassnode, an on-chain market intelligence, suggests a possible price bounce for Bitcoin. Although, the lowest BTC has dropped since its all-time high was $17,588 last month. And since June 18, the coin has been ranging from $22,000 to $20,000. 

Noteworthy in the Bloomberg survey is that retail investors were more apprehensive about cryptocurrencies than their institutional counterparts. While almost a quarter of retail investors declared the asset class garbage, professional investors were more open-minded. Nonetheless, some 28% of the overall respondents expressed strong confidence in cryptocurrencies.

The crypto industry has witnessed cases of troubled lenders, imploding projects, and market crashes. Over $2 trillion has vanished from the global crypto market cap.

Bitcoin (BTC) currently trades at $20,421 after a 4.22% drop in price in the last 24 hours and after reaching a high of $21,877.14 over the same period. BTC’s 24-hour trading volume is also down 40.64% and now stands at $29,574,264,674.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.