FOr for a week the leading cryptocurrency by market cap, bitcoin, has managed to stay above $20,000, fluttering between the $20,000 and $21,000 price levels. Now the major currency is showing mixed signals in terms of its price movement.
While it appears that the price of bitcoin has begun its recovery phase, many Wall Street investors believe that bitcoin could see a drop of 50% from its current trading price. If this price moment holds true, the price of bitcoin will hit a low of $10,000.
There was also a poll conducted by MLIV Pulse survey, 60% of 950 investors believe that the price of bitcoin will drop to $10,000 soon. However, the remaining 40% believe that Bitcoin will rise 50% from the current price level to the $30,000 level.
In the past two months, since May, the crypto space has been experiencing a gloomy environment due to events involving the collapse of several currencies and projects, problems faced by crypto lending platforms leading to bankruptcy, and much more. .
This continued bearish control over the crypto world is leaning more towards selling pressure. This has led to an overall market correction of nearly 70% of investors losing $2 trillion of funds over the past two years.
Another survey by MLIV Pulse survey shows that 28% of voters believe in crypto-assets and on the other hand, 20% of them feel that cryptocurrencies are of no use.
Crypto Regulations Soon?
The demand for crypto regulations has been growing for a long time and is growing even more after the Terra network crash with Celsius Network, Voyager Digital and Three Arrows Capital.
Many are of the opinion that if strong regulatory measures are taken by the government, crypto adoption will increase among retail and institutional players. Respondents also feel that bitcoin and ethereum are acting as the main reasons for crypto adoption.