11 Jul 2022 · 1 min read

Majority Expects Bitcoin to Hit USD 10,000 Before Moving Higher - Survey

Source: Adobe/PRASERT

Bitcoin (BTC) is more likely to fall to USD 10,000 than it is to rise to USD 30,000, the majority of respondents in a new survey by Bloomberg Markets Live believe.

According to the survey, 60% of respondents said they believe bitcoin will fall to USD 10,000 before any significant rise in price is likely. 40% saw it the other way, claiming that a rise to USD 30,000 is the most likely next move for the number one crypto.

At 10:25 UTC, BTC trades at USD 20,573 and is down almost 4% in a day and up almost 7% in a week. The price dropped 29% in a month and 39% in a year.

Participants were asked the question “Which level will bitcoin trade at first? USD 10k or USD 30k?”

The survey, which collected responses from 950 users of the Bloomberg Markets Live service, further found that ordinary retail investors were more skeptical toward the crypto market than institutions, with close to 20% of retail investors calling crypto “garbage” as an asset class.

Meanwhile, the survey also revealed that crypto remains a polarizing asset class. Among the respondents, 20% said crypto is “worthless,” while 28% believed it to be “the future of finance.”

In terms of which digital assets are worthwhile investing in, a majority of respondents agreed that bitcoin and ethereum (ETH) are the two best cryptoassets to hold. However, a significant share of the respondents also claimed that central bank digital currencies (CBDCs) will take a key role in the digital asset ecosystem.

Asked about NFTs the overwhelming majority of respondents said they see them as just art or status symbols. Only 9% said they consider NFTs an investment opportunity.
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