A new survey shows that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $10K. In addition, 28% of respondents expressed strong confidence that cryptocurrencies are the future of finance while 20% said they are worthless.
Investors Believe Bitcoin Could Fall to $10K
The latest Bloomberg MLIV Pulse survey, conducted from July 5-8, asked 950 investors who responded where they see bitcoin’s price heading.
Respondents were asked, “Which level will bitcoin trade at first? $10K or $30K.” According to the results published Monday, 60% of them said BTC will drop to the $10K level first.
Furthermore, 28% of respondents expressed strong confidence that cryptocurrencies are the future of finance while 20% said they are worthless, Bloomberg conveyed, adding that most respondents were at least slightly skeptical about cryptocurrencies.
When asked about non-fungible tokens (NFTs), only 9% of respondents said they were an investment opportunity. The majority see them as art projects or status symbols.
At the time of writing, bitcoin is trading at $20,553, down 3.3% over the past 24 hours and 40% over a one-year period.
There has been much discussion about where the bottom is for bitcoin. Shark Tank star Kevin O’Leary said last week that he doesn’t believe we’ve seen the bottom yet. He warned that there will be a major panic event in crypto.
A Fidelity Investments analyst recently said that at the current level, bitcoin is cheap. Deutsche Bank predicted in June that BTC will rise to $28K by the end of the year, but cautioned that the crypto free fall could continue.
Do you think the price of bitcoin will fall to $10K? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.