Bitcoin Will First Trade $10K Before $30K: Survey
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 in the decline of the leading cryptocurrency.
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.
Despite gov intervention and the Central banks developing their own digital currencies, it is difficult to say if these moves make any significant impact.
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?
According to the claims of many cryptocurrency experts, the release of nearly 3 billion bitcoin by Mt. Gox in the current market situation will only see BTC collapse further.
In addition to that, a large wallet known to have links to the Celsius Network reportedly paid off US$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.
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 in the decline of the leading cryptocurrency.
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.
Despite gov intervention and the Central banks developing their own digital currencies, it is difficult to say if these moves make any significant impact.
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?
According to the claims of many cryptocurrency experts, the release of nearly 3 billion bitcoin by Mt. Gox in the current market situation will only see BTC collapse further.
In addition to that, a large wallet known to have links to the Celsius Network reportedly paid off US$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.