Bitcoin (BTC) price has dropped 3 percent since yesterday. It is currently trading at $20,516. Despite the pullback, the coin, which traded as low as $19,341 last Monday, continues to rise all week. However, most Wall Street investors believe that Bitcoin could drop as low as $10,000 from the current price. Here are the details…
Wall Street is desperate for Bitcoin
According to the MLIV Pulse survey, 60 percent of the 950 investors surveyed think that $10,000 for BTC could come. However, the remaining 40 percent believe that Bitcoin will gain 50 percent from here, up to $30,000. The crypto industry in the last two months; faced serious challenges in terms of credit platforms, collapsed crypto projects and currencies, and much more. The bearish sentiment in global macros adds to the selling pressure. Over the past year, the broader crypto market has corrected nearly 70 percent, wiping out $2 trillion of investor wealth.
As a result, market views have changed. During the MLIV Pulse survey, around 28 percent of overall respondents showed strong confidence in crypto assets. However, 20 percent believe cryptocurrencies are worthless. If survey respondents are right, Bitcoin is on track to record another roughly 43 percent drop. On June 18, the flagship cryptocurrency dropped to $17,622, the lowest level since December 2020. This marked the local base of the ongoing fix. But some big names believe that the flagship cryptocurrency could go much lower. Jared Madfes, partner at Tribe Capital, a venture capital firm, told Bloomberg:
It’s all too easy to be scared right now, not just in crypto but around the world in general. The prospect of further declines in Bitcoin reflects “people’s natural fear of the market.”
The collapse of the Terra ecosystem and the bankruptcy of funds
Recent events related to the collapse of the Terra ecosystem, Celsius Networks, Voyager Digital and much more warrant further regulatory scrutiny of the crypto space. The majority of respondents described the government oversight as an overall positive step for the crypto industry. Many believe that strong regulatory measures will lead to greater crypto adoption among retail and institutional players. Also, most of the participants trust Bitcoin and Ether. Participants said that BTC and ETH will continue to be the driving force in the crypto industry.
“Bitcoin still powers large parts of the crypto universe, while Ethereum is losing its lead,” said Ed Moya, senior market analyst at Oanda Corp. Survey respondents also shared their views on NFTs. An overwhelming majority of over 90 percent said NFTs were simply status symbols or art projects. Only 9 percent see them as an investment opportunity. As we reported on cryptokoin.com, the global chief investment officer of Guggenheim Partners, Scott Minerd, predicted that the Bitcoin price could eventually fall as low as $8,000. Mike Novogratz, CEO of Galaxy Digital, says that despite the long-term bullishness in the cryptocurrency industry, the top cryptocurrency may suffer more in the short-term.
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