According to a recent study, Bitcoin is likely to remain trapped in a vicious bear market cycle.
Those who think that the largest cryptocurrency has already bottomed out may be disappointed, as the latest Bloomberg survey shows that 60% of respondents believe that the world’s largest cryptocurrency is on its way to $10,000 .
The remaining 40% of respondents believe it will eventually regain the $30,000 level.
Most of the investors who participated in the survey expressed at least some degree of skepticism about cryptocurrencies.
The cryptocurrency market experienced a massive correction along with US stocks after the country’s Federal Reserve withdrew its extraordinary monetary support.
The central bank is on track to announce another rate hike of 75 basis points this month to boost inflation. Interest rate hikes have critical implications for risk assets like Bitcoin.
On June 18, the leading cryptocurrency fell to $17,622, its lowest level since December 2020. This marked the local bottom of the ongoing correction, but many market participants believe the cryptocurrency could crash further.
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Scott Minerd, Global Chief Investment Officer at Guggenheim Partners, predicted that the price of BTC could eventually crash to $8,000.
As CryptoDnes reported, Robert Kiyosaki, author of the financial literacy book Rich Dad Poor Dad, said on Twitter that he expects the largest cryptocurrency to continue its decline as he „waits for BTC to test $1,100.“
Although he is bullish on the cryptocurrency industry in the long term, Mike Novogratz, the CEO of Galaxy Digital, admits that Bitcoin may experience more pain in the short term.