Bitcoin will most likely drop to $10,000 in the short term, than rally higher to hit the $30,000 mark, according to investor sentiment recorded in a new survey.
On Monday, as Bitcoin price battled to hold above $20,000, Bloomberg reported that a MLIV survey had the majority of respondents leaning towards a bearish flip than an upside bounce.
The survey sampled the sentiments of 950 Wall Street investors between 5-8 July and had respondents give their view of what level they thought BTC price would hit first.
According to the survey results, 60% felt the flagship cyptocurrency will hit $10k first. However, 40% believed Bitcoin could bounce higher and hit $30k.
“It’s very easy to be fearful right now, not only in crypto, but generally in the world,” Jared Madfes, partner at venture capital firm Tribe Capital, told MLIV Pulse. According to him, the higher percentage of investors who expect Bitcoin to decline further is a reflection of the “inherent fear” that’s currently engulfing the broader market.
Retail investors are more bearish
While the report points to an overall bearish outlook for Bitcoin from investors, it did also suggest something else: retail investors are more bearish on Bitcoin and crypto compared to institutional investors.
Per the survey, nearly 25% of retail investors view crypto as worthless now, significantly higher than the 18% of institutional investors with a similar perspective.
About 28% of investors who shared their “attitude” on crypto said they are confident that digital assets are the future of finance. However, 20% still believe cryptocurrencies have no value.
On NFTs, the majority of respondents said the tokens are nothing but art
