- 40%, on the other hand, anticipate that Bitcoin will rise by 50% from here to $30k.
- 28% of the people surveyed strongly believed in cryptocurrency’s value.
The world’s most popular cryptocurrency, Bitcoin (BTC), has held steady around the $20,500 mark during the last week. Recently, Bitcoin has been sending out conflicting indications about its future price movements.
Tough Times Ahead For Crypto Sector
It’s also possible that the price of Bitcoin may drop by 50 percent from its present value all the way to $10,000. 60 percent of the 950 investors questioned in the MLIV Pulse study expect Bitcoin to reach $10,000 in the near future. The remaining 40%, on the other hand, anticipate that Bitcoin will rise by 50% from here to $30,000 before bottoming out.
There have been several setbacks for the cryptocurrency sector in the previous two months, including unstable lenders, the collapse of crypto projects and currencies, and more. The sell-side is being pushed even harder by the global macro bearishness and Fed’s interest rate revisions. After recent corrections, the crypto market has lost roughly $2 trillion in investors’ money.
Consequently, market sentiment has shifted to the extreme. According to MLIV Pulse’s study, 28% of the people surveyed strongly believed in cryptocurrency’s value. 20% of respondents, on the other hand, said cryptocurrencies were utterly useless.
Conversely, a leading crypto specialist believes Bitcoin will withstand the current crypto storm and emerge stronger. Rockefeller International’s chairman, Ruchir Sharma, never doubted bitcoin’s ability to hedge against inflation and be used as a store of wealth.
The recent failures of Terra, Celsius Networks, Voyager Digital, and a slew of other crypto companies highlight the need for more government oversight of the industry. The vast majority of those surveyed in the poll agreed that government oversight of the crypto industry was good.
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