Bitcoin May Tumble to $10K, Study Shows

Bloomberg’s newest survey by Bloomberg MLIV Pulse shows Bitcoin could fall to $10,000

The cryptocurrency market has been hammered once more by the global speculative frenzy caused by the COVID-19 outbreak.

The market value for cryptocurrencies has dropped by $2 trillion since the epidemic is slowly under control. Many investors, especially retail investors are now concerned about the current cryptocurrency.

This is based on 950 responses to MLIV Pulse’s weekly survey of retail investors, portfolio managers and strategists from around the globe.

60% of respondents stated that Bitcoin will likely fall by 50%, and that it is more likely to drop to $10,000 than rebound to $30,000.

Bitcoin’s value has not reached $10,000 since September 2020. This is a contrast to the all-time high of $68,000 in November 2017. Bitcoin traded at $20414 in the Asia trading section as of the time this article was written.

Jared Madfes (partner at Tribe Capital), a venture capital firm, stressed that further Bitcoin declines reflect an “inherent fear” in the market.It is very easy to feel fearful in this moment, not just in crypto but in general.

According to the MLIV Pulse survey of 28% respondents, 28% felt confident in the future prospects of cryptocurrencies. 20%, however, believed they were worthless.

“Bitcoin is still powering large portions of the crypto-verse,” Ethereum It is losing its lead,” said Ed Moya a senior market analyst at Oanda Corp. (a foreign-exchange brokerage).

Bitcoin’s development remains bumpy. As per the Executive Order (EO) of March, the United States Treasury Department provided a crypto framework for President Joe Biden.

Source: Shutterstock



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