Consensus sees Bitcoin at $10K
A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% of would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000.
But a majority anticipated the price to fall even further with 40% saying they would buy BTC at $10,000.
In a survey of more than 2,200 people conducted in Chinese crypto community on Weibo, 8% of the voters believed that Bitcoin and Ethereum could be buy the dip when the price reached $18000/1000; 26% will buy in $15000/800; 40% will buy in $10000/500. pic.twitter.com/L2HsetMSk7
– Wu Blockchain (@WuBlockchain) July 14, 2022
Chinese investors more cautious on Bitcoin than U.S.
Interestingly, another survey conducted by Bloomberg MLIV Pulse earlier in July yielded a similar outcome: 60% of the net 950 respondents on Wall Street calling for a $10,000 Bitcoin price.
The two polls show a striking similarity in bearish sentiments of crypto speculators in the U.S. and China. Nonetheless, on-chain activity shows that investors in the U.S. have been more bullish on Bitcoin versus their Asian counterparts since June 2022.
In particula, Bitcoin’s month-to-month price change, which tracks the 30-day change in the regional BTC price, has been positive only during U.S. sessions. Conversely, the metric has only been negative during Asian trading hours, data from Glassnode shows.
Bitcoin month-over-month price change. Source: Glassnode
Technical indicator hints at BTC price below $13K
Simultaneously, weakening technicals are also starting to support further downside, particularly on the larger three-day timeframe.
BTC/USD three-day price chart featuring “bear flag'”setup. Source: TradingView
Bitcoin has been forming a potential “bear flag” pattern that could result in a drop below $13,000 by September, as illustrated above.
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