- Recently, Bloomberg MLIV Pulse Survey published its report on July 10, 2022.
- According to that, bitcoin’s market price is likely to crash down to $10,000.
- As of this writing, bitcoin is trading at $20,543.
Sad News For Bitcoin Lovers
Bitcoin’s market is witnessing huge downturns regarding price points and investors’ trust. There is bad news for those who think that bitcoin’s market has already touched the bottom and there is no other path for the coin than to go up. Bloomberg MLIV Pulse Survey published its report on July 10, 2022. In that, 60% of the respondents said forget about going up; there is a big chance that the currency will soon crash down, reaching the $10,000 mark.
The other 40% of the people are extremely bullish on the currency. They believe that bitcoin’s market will eventually skyrocket again, touching $30,000. The majority of investors who responded to that survey were, to some extent, pessimistic regarding the currency. It’s still not finished. The central bank has announced another rate hike worth 75 basis points. The inflation will affect bitcoin’s market drastically in the upcoming days.
The Future of Bitcoin
If the survey conducted by Bloomberg MLIV is right, there is an enormous probability of bitcoin having another massive drop of 43%! Bitcoin’s market price shrunk down to $17,622 on June 18. This is the lowest on-record price of the currency since December 2020. A large population believes that bitcoin has reached its rock bottom and is on the path to recovery. Despite this enthusiasm, many famous investors believe the currency will crash even lower.
Some of the examples of this thesis are:
- The global chief investment officer at Guggenheim, Scott Minderd, predicts a high possibility of bitcoin’s market price crashing down to $8,000.
- Mike Novogratz, CEO of Galaxy Digital, is someone who believes in the bright future of cryptocurrency. Even after his persona of promoting cryptocurrencies, he did not say that the bitcoin is going to be full of rides, thinking from a short-term perspective.
With time, these things will appear clearer, whether the survey is right.
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