Bitcoin (BTC) investors in China plan to buy the dip despite the ongoing market correction and nationwide cryptocurrency ban, a new survey shows.
Consensus sees Bitcoin at $10,000
According to Wu Blockchain, a survey of 2,200 people on Chinese social media platform Weibo found that 8 percent would buy bitcoin when it hits $18,000. And 26% of respondents prefer to wait until BTC reaches $15,000.
But most expected the price to fall further, with 40% saying they would buy BTC at $10,000.
In a Weibo survey of more than 2,200 people in the Chinese crypto community, 8% of voters believe that Bitcoin and Ethereum can be bought on dips when they reach $18,000/$1,000; 26% will buy at $15,000 /$800; 40% will buy for $10,000/$500. pic.twitter.com/L2HsetMSk7
— Wu Blockchain (@WuBlockchain) July 14, 2022
Chinese investors are more cautious about Bitcoin than the US
Interestingly, another survey by Bloomberg MLIV Pulse in early July yielded similar results: 60% of 950 Wall Street respondents asked for a Bitcoin price of $10,000.
The two polls show a striking similarity in the bearish sentiment among U.S. and Chinese cryptocurrency speculators. Nonetheless, on-chain activity suggests that since June 2022, U.S. investors are more bullish on Bitcoin than their Asian counterparts.
Related: Bitcoin fights key trendline near $20k as dollar index hits 20-year high
In particular, Bitcoin’s monthly price change, which tracks 30-day changes in regional BTC prices, was only positive during U.S. trading hours. Instead, data from Glassnode shows that the metric is only negative during Asian trading hours.
Technical indicators imply BTC price below $13,000
Meanwhile, weak technicals are also starting to support further declines, especially on the larger three-day time frames.
As the chart above shows, Bitcoin has been forming a potential “bear flag” pattern that could dip below $13,000 by September.
As Cointelegraph reported, persistent macroeconomic headwinds for BTC/USD continue to drive the bearish thesis against mounting evidence that prices may bottom.
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