Bitcoin took another hit as US CPI rates rose above market expectations. With the release of the data, the BTC price dropped to $ 18,800. However, the price managed to recover in the following hours. The unit price of BTC is currently trading around $19,737. However, this is still below the $20,000 level, which analysts see as critical support. Additionally, today, a newly concluded poll has caught the attention of the crypto community. According to this survey, which is based on the price expectations of Chinese investors, it is possible for the BTC price to see lower prices. Here are the details…
Chinese investors are waiting for these levels for Bitcoin
Wu Blockchain shared the results of the survey on its Twitter account. Accordingly, Chinese investors expect $18,000 as the first target for Bitcoin. However, they predict the $15,000 and $10,000 levels to come later. Apparently, the fact that Bitcoin has dropped 70% since the beginning of 2022 is not enough for some investors. They will also wait for the price to drop further to buy.
Over 2,200 crypto investors participated in the survey. 8% of these investors are betting that the leading cryptocurrency will hit $18,000. For the leading altcoin project Ethereum, the same investors are expecting a unit price of $1,000. However, a different result emerged than usual. A much higher percentage of investors (26%) than previous surveys predict that BTC will hit $15,000 as well. The majority of those surveyed say that BTC will see $ 10,000. The ETH price prediction of this majority, which makes up 40% of the respondents, is $500.
What does the survey tell us?
The research is based only on Chinese investors. However, we can also adapt these results to investors in different countries. This is because investor sentiment often remains the same, whether in China or elsewhere. As the data reveals, investors are not yet ready to buy Bitcoin and Ethereum. It is possible that this will change when BTC and ETH prices depreciate. However, according to experts, these forecasts are linked to the negative opinions of analysts.
What do investors usually do when Bitcoin drops?
According to the data, once we reach the above prices, it is possible that some private investors’ desire to buy the bottom will fade. This behavior is directly linked to the fear of investors. Also, these people do not want to invest their money without seeing a clear return. Bitcoin is currently in oversold territory, according to chain data. Additionally, miner and investor profitability is at all-time lows. As Cryptokoin.com reported, at the time of writing, BTC was trading around $19,734, while Ethereum was trading around $1,085.
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