Home Cryptocurrency Two Bitcoin Price Prediction Polls, Same Results: $10,000 BTC is Coming

Two Bitcoin Price Prediction Polls, Same Results: $10,000 BTC is Coming

by WOOWinvest
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Two Bitcoin Price Prediction Polls, Same Results: $10,000 BTC is Coming

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.

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.

Bitcoin monthly price change. Source: Glassnode

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.

BTC/USD three-day price chart with “bear flag” setup. Source: TradingView

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.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.

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