A recent poll by MLIV Pulse found that 60% of Wall Street investors think the price of bitcoin (BTC) will go down to $10,000 before it goes up to $30,000. In the meantime, 40% of the people who answered the survey think that will go back up to $30,000 US at some point. Most of the investors who took part in the study said they have some doubts about cryptocurrencies.
When you look back in time, you can see that during bear markets, bitcoin’s value has always dropped by more than 80% from its all-time high. If the price of bitcoin stays where it is now, it is still possible to reach US$10,000.
If the study’s results are right, the price of Bitcoin will probably drop by almost 43% again. On June 18, the price of the most popular cryptocurrency dropped to US$17,622, a level not seen since December 2020. This was the local bottom of the continuing drop, but some big names think that the cryptocurrency that serves as a bellwether could go even lower. If you are interested in Bitcoin investment, it is also important to know about What Are The Basic Steps To Gift A Bitcoin?
Since the price of bitcoin has recently gone down, investors in the cryptocurrency market are worried. The digital asset hit its all-time high of $69,000, fell to its all-time low of $17,600, and has been struggling to keep its price at $20,000 ever since. This will make investors feel bad. All of the investors on Wall Street gave the same answer to the poll question about what they thought of the digital asset. Most investors don’t think the market will go up in the near future.
Most people think that Bitcoin’s price will fall
Most of the 950 people who took part in the MLIV Pulse study didn’t think bitcoin would make a big comeback. Even though the digital asset is selling for more than $20,000 right now, these investors think it will probably keep going down. Sixty percent of the people who answered the survey thought that the price of bitcoin would really go down to $10,000. Also, they think this price is more likely than the price of the digital asset reaching $30,000 at some point in the future.
A lot of people who work in this field have said that they agree with this school of thought, especially on social media. On the other hand, not all of the investors who were asked how they felt said this.
Forty percent of the people who took part in the study gave their most optimistic predictions. This group said they thought the price of bitcoin would go up to $30,000 before it went down to $10,000. It’s interesting to see that most of the investors who liked Bitcoin were more experienced investors.
These skilled investors were more likely to think that cryptocurrencies are the future than their peers with the same level of skill.
The first digital currency that could be used as Bitcoin
Bitcoin was the first form of digital currency that anyone could use. In 2009, this took place. No one has ever been able to figure out if Bitcoin (BTC) was made by one person or by a group of companies. The person who came up with the idea for Bitcoin did not use the name “Satoshi Nakamoto” (BTC).
Bitcoin SV is a digital form of money. There doesn’t seem to be any way to answer this question. Bitcoin (BTC) is said to be decentralized because it is not run by a single person or organization. In 2021, bitcoin (BTC) will be a legal form of currency in El Salvador. Institutional investors are interested in investing because the stock market has always done well over time and has made a lot of millionaires.
Is $10,000 Possible?
When you look back in time, you can see that during bear markets, bitcoin’s value has always dropped by more than 80% from its all-time high. If things keep going the way they are, the cryptocurrency will probably reach $10,000 at some point.
Still, it’s important to note that bitcoin is very different from a number of “known” themes that have come to be associated with it. The first is that the stock market will go up more than ever in 2021. This will cause a number of price hikes. It had brought more people to the area, which brought more money and made it more likely that the price would stay the same.
The price of digital asset has dropped below its previous cycle high, which is another thing to think about. This is a little bit bullish for the future of the digital asset, but at this point, it is still more bearish than bullish.
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