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Bitcoin (BTC) More Likely to Drop $10,000 in Price Before Gaining That Amount, New Survey Shows

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The latest MLIV Pulse Survey of 950 professional investors shows that 60% of respondents believe Bitcoin will hit $10,000 per coin sooner than it hits $30,000.

Key points

  • A new survey of 950 professional Wall Street investors finds a bearish outlook for Bitcoin. The latest MLIV Pulse Survey shows that 60% of participants say that Bitcoin is more likely to fall to $10,000 per coin before it reaches $30,000.
  • At press time BTC is priced at $20,574 per coin, which is a 70% decline from its top price of $68,879 logged in November 2021 according to CoinMarketCap.

On Sunday, Bloomberg reported that a majority of surveyed financial analysts and investors are bearish on the short-term pricing prospects for Bitcoin (BTC). It’s reported that the most recent MLIV Pulse Survey was fielded from July 5 through July 8, 2022 — targeting 950 professional fund managers and investors.

The results show that 60% of the respondents believe that the price of a single BTC crypto coin is more likely to fall to a price of $10,000 sooner than it climbs to the price of $30,000 per coin. It’s worth noting that the Bitcoin price hasn’t been as low as $10,000 since September 2020.

At the time of writing, Bitcoin was priced at $20,574 across cryptocurrency exchanges, which represents a 70% discount from its all-time high price point of $68,879 that was registered in November 2021. Bitcoin fell 45% last month, marking its worst monthly drop since it was founded in 2008, while the overall crypto sector has lost more than $2 trillion in value since setting record highs last fall.

Nearly 1 in 5 pro investors say all cryptos are “garbage”

The MLIV Pulse Survey Bitcoin also had some qualitative findings from professional investors regarding the crypto category overall. For example, participants were asked the question, “In relation to cryptocurrencies, which of the below best describes your attitude” and here was the breakdown of their responses:

  • Cryptocurrencies are all garbage: 18%
  • Open-minded but skeptical: 32%
  • Skeptical but involved anyway: 23%
  • Cryptocurrencies are the future: 26%
  • Bitcoin maximalist: 2%

While no one can predict the future price of any asset with certainty, these results certainly show that the cryptocurrency asset class can be both polarizing and intriguing.

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