A new survey shows that the majority of the nearly 1,000 investors who responded expect the price of bitcoin to fall to $10,000. In addition, 28% of respondents say they are very convinced that cryptocurrencies represent the future of finance, while 20% say they have no value.
Investors think bitcoin could drop to $10,000.
The latest Bloomberg MLIV Pulse survey, conducted July 5-8, asked 950 investors who responded where they see the price of bitcoin heading.
They were asked the following question: ” At what level will bitcoin trade first? $10K or $30K“. According to the results released on Monday, 60% of them said that BTC will first fall to the $10K level.
Additionally, 28% of respondents expressed strong confidence that cryptocurrencies are the future of finance, while 20% said they are worthless, Bloomberg reported, adding that most of respondents were at least mildly skeptical about cryptocurrencies.
When asked about non-fungible tokens (NFTs), only 9% of respondents said they were an investment opportunity. The majority view them as art projects or status symbols.
Today, bitcoin is trading at $20,553, down 3.3% in the past 24 hours and down 40% year-on-year.
The question of where is the floor price of bitcoin? Last week, Shark Tank analyst Kevin O’Leary said he doesn’t think we’ve seen bottom yet. He warned that there will be a major panic event in crypto.
An analyst from Fidelity Investments recently said that at current levels bitcoin is cheap. Deutsche Bank predicted in June that BTC would hit $28,000 by the end of the year, but warned that the crypto’s free fall could continue.