Cryptocurrency market participants everywhere are watching the market crash with closely guarded interest. In a recent survey conducted among Chinese crypto investors, the majority of them revealed that they would consider buying at a discount in the range of $30,000 per Bitcoin. Meanwhile, faint signs of a bullish bias still have analysts predicting that $100,000 is still possible by the end of 2022.
According to These Chinese Crypto Investors, Bitcoin Bottom Could Be Under $30,000
According to a recent survey conducted on Weibo, China’s equivalent of Twitter, a Bitcoin price of $30,000 seems to be the most attractive entry point to the market for the majority of participants. About 35% of participants said that they would buy Bitcoin (BTC) if it fell below $30,000.
One reason for their price target is the overall low sentiment in the market. Most of them expressed wariness over their psychological expectations for the crypto market. Over 60% of participants on the microblogging platform said they would only consider buying Bitcoin at the moment, while 22% would choose to buy Ethereum (ETH) While China is still banned from entering the crypto market, The survey shows that crypto trading is still growing. in an authoritarian country.
Prudence is a popular topic in the market at the moment for crypto investors around the world. There are many bearish predictions for the Bitcoin price from crypto advocates as well as skeptics.
Amidst caution, some market players still see light at the end of the tunnel
The bearishness of the crypto market has been warranted by the massive market sell-off that has taken place over the past few days. Bitcoin price has dropped more than 18% in the past seven days. At one point, it even hit an intraday price below $34,500, 50% below its all-time high. At the time of writing, Bitcoin is trading at, Bitcoin could still hit $100k to $200k in 2023. Cowen, who has put his worst-case Bitcoin price in the $20,000 range, stated that as early as the end of 2022, the Bitcoin price could be above $100,000.
All my theory is that Bitcoin will be able to go up to 100 to 200k by 2023 – end of 2022 at the earliest… It doesn’t seem very viable right now, but look, December is a long way off. long, he say.
In the meantime, investors can bring DCA to market, he added.