Over the last week, the world’s largest cryptocurrency Bitcoin (BTC) managed to stay afloat around $20,500 levels. Bitcoin has been giving mixed signals about its next direction of price swing.
However, a majority of Wall Street investors believe that Bitcoin could be crashing another 50% from the current price all the way up to $10,000. According to the MLIV Pulse survey, 60% of the 950 investors surveyed think $10,000 could be coming for BTC. But the rest 40% believe that Bitcoin will gain 50% from here all the way to $30,000.
Over the last two months, the crypto industry has been facing severe challenges in terms of troubled lenders, collapsing crypto projects and currencies, and much more. The bearish sentiment in global macros is adding to further sell-side pressure. Over the last year, the broader crypto market has corrected nearly 70% wiping out $2 trillion of investors’ wealth.
As a result, the market opinions. have turned extreme. During the MLIV Pulse survey, some 28% of the overall respondents showed strong confidence in crypto assets. However, 20% believed that cryptocurrencies are worthless. Jared Madfes, partner at Tribe Capital, a venture capital firm told Bloomberg:
“It’s very easy to be fearful right now, not only in crypto, but generally in the world”. The expectations for a further drop in Bitcoin reflect “people’s inherent fear in the market.”
