Survey points to Bitcoin more likely seeing a fall to $10K than a rise to $30K

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The financial community stacks up in a more bearish stance against Bitcoin (BTC-USD) than the optimists as more market participants see the cryptocurrency heading towards $10,000 versus $30,000 in a recent survey.

Bitcoin currently hovers near the $20,500 marker, and finds itself trading lower by 3.4% on Monday.

A MLIV Pulse survey which was constructed of 950 investors noted that 60% of the participants believe that Bitcoin will find itself slashed down to $10,000. Whereas the minority 40% see the crypto asset rising to $30,000.

Among professional investors, 18% classified crypto as worthless, 32% listed views as open-minded but remain skeptical, and another 26% outlined that crypto is the future.

Jared Madfes, partner at Tribe Capital told Bloomberg “It’s very easy to be fearful right now, not only in crypto, but generally in the world.” He echoed that a continued decline in Bitcoin indicates “people’s inherent fear in the market.”

Bitcoin has been in a state of peril since it peaked back in Nov. of 2021. Eight months later and the digital token is down 70%. Year-to-date BTC-USD has declined 56.6% with a 35.4% drop taking place since Jun. 1.

While momentum of the financial contagion effect in the cryptocurrency market keeps growing, Wall Street's biggest banks have not been affected, and in some cases certain institutions have turned a profit during the meltdown.

Comments

[Turre]

Wasn’t Bitcoin supposed to be a great storage of value, hedge against the economy, and protected from government interventions? Now it’s all falling apart.

[Bitit]

Exactly what you would expect at or near the bottom of the market. Just as people at the top always think its going higher.

[David Jackson]

Isn't sentiment a contrarian indicator?

Full disclosure: no position in bitcoin or bitcoin miners.

[shaun1725]

It would be nice if any cryptocurrency had any use case. It’s interesting math but it can be stolen or lost so easily and with no chance of getting it back it makes it too risky for me.

[Amos Tuck]

1.) Conjured out of thin air.
2.) No important use cases.
3.) Produces no cash.
4.) Rife with bad actors.
5.) Governments want to crush.

These crypto coins are worthless.

Charlie Munger labeled crypto "rat poison."

As this survey indicates, a majority of retail investors now think cryptocurrencies are "garbage."

The era of FAKE MONEY is drawing to a close.

The window to sell is closing.

Emperor Satoshi had no clothes.

[Little Milk Breath]

They conducted the survey at Amos Tuck's Boomer Retirement Home where everyone sits in their rocking chairs all day out on the veranda yelling at the clouds. The place doubles as a Tier One Memory Care Facility for seniors, since none of them can remember so recently as 2018.

[Jim_Berger]

@Little Milk Breath 🤣 you're such an a**

[Turre]

@Little Milk Breath Probably. And all those old people are rich as they never invested in fake money.

[coach24]

@Turre Yes those people who invested in Bitcoin 13 years ago are really suffering in this crash as they are now only up 37 million percent on their investments. So what is the return for the smart people who didn't invest in fake money? Bitcoin investors should have listened when they were warned it was worthless poor fools for not listening to opinions like yours.

[Jim_Berger]

I am definitely a BTC bear, in general. But a survey? Seriously?

[bbeltkyle89]

@Jim_Berger how else do you suppose they measure sentiment?

[Jim_Berger]

@bbeltkyle89 agree, given there is no inherent value, no revenues... fine, 1:0 for you.