Bitcoin will tap $10k first before reaching $30k, according to a poll conducted by Bloomberg. In the MLIV Pulse survey, participants were asked “Which level will bitcoin reach first – $30,000 or $10,000?”.
60% of the 950 investors responded that the token will be reduced to its current half and then bounce back to $30000.
The rest 40% saw it going the other way. At press time, BTC slid by 3.4% to trade at $20,560.
The prediction reflects the inherent fear among crypto investors in an industry that has been rocked by troubled lenders, collapsing currencies, and the loss of $2 trillion from the market cap.
Bitcoin has already shed more than two-thirds of its value since hitting nearly $69,000 in November and hasn’t traded as low as $10,000 since September 2020.
“It’s very easy to be fearful right now, not only in crypto but generally in the world,” said Jared Madfes, partner at Tribe Capital, a venture capital firm.
With respect to Ethereum, a majority of respondents still feel that one of those two will remain a driving force in five years.
But Ed Moya, senior market analyst at Oanda Corp., a foreign-exchange broker vouched for the king coin saying, “Bitcoin still is powering large parts of the crypto-verse, while Ethereum is losing its lead.”
On the other side, investors are anticipating a major BTC dumping that could further dent the already fragile market.
Bitcoin Bracing For A Mega Sell-off?
On July 6, attorney Nobuaki Kobayashi, appointed trustee in the Mt. Gox rehabilitation process, confirmed that he was “preparing to make repayments” to those account holders who lost their funds in the infamous hack.
Many crypto experts claim that the release of nearly 3 billion bitcoin by Mt. Gox in the current market situation might cause BTC to bottom in August.
In addition to that, a large wallet known to have links to the Celsius Network reportedly paid off $41.2 million in debt to Maker, one of the world’s largest decentralized finance [DeFi] platforms.
Experts fear that these two events might spur a flood of Bitcoins into the market, triggering a massive sell-off, and further pushing the price downward.