Large US crypto investors polled by analysts at Bloomberg MLIV Pulse expect bitcoin to fall in price to $10,000 with a higher degree of probability.
More than 60% of the 950 respondents from Wall Street are inclined to believe that the cost of BTC will collapse rather than return to $30,000. Only 40% thought that everything could go the other way, and the first cryptocurrency will win back the lost ground.
Bitcoin has lost more than two-thirds of its value since hitting almost $69,000 in November. Combined with the overall drop in the cryptocurrency market, this has caused panic among retail investors who have become more wary of cryptocurrencies than their institutional counterparts: almost a quarter of them announced this garbage asset class.
“Now it’s very easy to be afraid not only of cryptocurrencies, but of the whole world as a whole,” explained Jared Madfes, partner at venture capital firm Tribe Capital.
In his opinion, expectations of a further fall in bitcoins reflect “the inherent fear of the unknown in the market”.
Analysts at MLIV Pulse note that a cryptocurrency crash could prompt national governments to do more to regulate the industry. Strong oversight is seen as positive by most respondents as it can increase trust in digital assets and lead to greater acceptance among institutional and retail investors.
The US Federal Reserve Vice Chairman Lael Brainard recently said that the situation with the wave of defaults of crypto companies requires more careful oversight of the crypto industry and called on politicians to tighten regulatory control.
Source: Bits
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