Bitcoin More Likely to Crash to $10K Than Hit $30K: Market Survey
- 60% of investors surveyed think Bitcoin will hit $10K before it reaches $30K.
- Retail investors are more fearful than institutional investors.
- BTC has lost a further 4% on the day, falling back to the $20K level.
Bloomberg has gauged investors’ sentiment in its latest Markets Live (MLIV Pulse) weekly survey. As reported on July 11, the survey polled 950 investors last week to ask whether they thought Bitcoin would go back up or continue down first.
The results were clear, with 60% responding that the asset was more likely to crash further and drop to $10,000 than make a recovery to $30,000.
“The lopsided prediction underscores how bearish investors have become,” the outlet stated.
While surveying a handful of investors isn’t conclusive in either direction, it does provide a snapshot of sentiment which is still overwhelmingly bearish.
Just 40% thought BTC would reach $30,000 before it hit $10,000. The asset has fallen back again over the weekend as it slid towards support at $20,000 during the Monday morning Asian trading session.
Retail Investors Fearful
The report added that retail investors were more apprehensive than their institutional counterparts. Almost a quarter of those surveyed thought digital assets were just “garbage,” but a similar number said they were the future of finance.
Almost a third of institutional investors responded that they were skeptical but remained open-minded, and 26% were confident about the asset class despite current market conditions.
Partner at venture firm Tribe Capital, Jared Madfes, told the outlet that it wasn’t just fear in the crypto markets. “It’s very easy to be fearful right now, not only in crypto but generally in the world,” he said before adding that “people’s inherent fear in the market” has been reflected by the survey results and predictions of further losses.
The Bitcoin sentiment “fear and greed” index reported a state of “extreme fear” or 22 out of 100 on Monday morning. It has been in this state for more than a month now.
Bitcoin prices have lost around 70% since their peak at around $69,000 in November. However, things appear to have stabilized around current price levels, where the asset has been consolidating for about three weeks.
Bitcoin Price Outlook
At the time of writing, BTC was trading at $20,564, having lost 4.1% over the past 24 hours. It reached a weekend high of $21,871 on Saturday but has failed to hold on to those gains.
There is support just above $19,000 should the asset fail to hold the $20K level, which is likely at the moment. If history rhymes, previous bear markets resulted in a drawdown of more than 82%, which could send prices back to the $12K level, validating those survey predictions.