A new survey reveals what levels in the crypto space executives are considering in the price of Bitcoin after the events at FTX.
53 executives expect these levels in Bitcoin price
According to the consensus emerging from the survey, the FTX collapse will cause Bitcoin to reach new lows. 53 executives involved in projects such as DeFi and GameFi expressed their opinion in this direction in a new survey organized by Web3 consulting firm BDC. Crypto executives predict that Bitcoin will trade lower in the coming months. In the average results of the survey, executives expect Bitcoin to drop to $11,479. In such a case, the leading crypto will lose more than 30% from current levels.
None of the C-level executives from the participants plan to reduce their investments in crypto despite the bear market. According to the survey, 66% of executives in this group say they will continue to seek new investment opportunities. The rest prefer to wait a little longer. Meanwhile, none of the participants ticked “No, I plan to reduce my current crypto portfolio”. This means that despite the decline, expectations from the altcoin market are still alive.
When will Bitcoin hit historic lows?
According to the survey, the majority of executives predict that Bitcoin will bottom out at an average of $11,479. About 30% of the respondents stated that they expect a decrease to $11,000. The leading crypto is currently trading at an 85% discount from its price of around $70,000 in November. On November 21, it hit a two-year low of $15,800.
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FTX heavily thwarted year-end expectations
The stock market crash is likely to attract BTC to these prices and have a negative impact on the market. The FTX crisis has caused crypto markets to lose close to $250 billion this month. Total market capitalization fell from $1.1 trillion in early November to $855 billion on Wednesday. If the downtrend continues over the weekend, prices will likely move in the same direction.
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