Bitcoin Might Trade Between $17,600 and $25,000 Till End of 2022, Survey Says, Here's Why
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In a recent piece, Bloomberg stated that traders overall have been positive on the recent crackdowns of the SEC against crypto companies, believing it to be a bullish sign for this type of asset. They believe so because they would rather invest in crypto "following greater enforcement action."
In this regard, many investors have changed their expectations toward Bitcoin from what they stated in July. Now, they believe that BTC will remain above the $17,600 level, going up to $25,000 at least until 2022 is over.
Crypto gets more attractive as aggressive SEC enforcement brings digital assets out of Wild West and into traditional investing, investors say https://t.co/6j6wSeg1HP
— Bloomberg Crypto (@crypto) October 25, 2022
Investors view SEC's crypto witch-hunt positively
The recent MLIV Pulse survey has demonstrated that investors consider the recent legal actions of the SEC against participants of the crypto market a bullish thing for crypto overall. Nearly 60% of the 564 people involved in the survey said they believe so.
The recent investigations of the securities regulator include Three Arrows Capital and Celsius Network (both of which went bankrupt), and Yuga Labs, which created the NFT collection Bored Ape.
One of the respondents, President of World Markets for TIAA Bank Chris Gaffney, said he believes these investigations to be positive because when there is more regulation on the crypto market, it will stop being "the Wild West" and will be more like a traditional investment tool, becoming "better off."
Yuri MolchanBitcoin sentiment improves from July
This wave of positive expectations has extended to Bitcoin. The majority of investors who participated in the survey have become more bullish on BTC price compared to their opinion back in July.
Until the end of 2022, they believe, the flagship cryptocurrency will remain range-bound between the levels of $17,600 and $25,000. Compared to this, in July, they had expectations of BTC dropping to $10,000 and then rising back to the $30,000 line.
However, Bloomberg adds, in this past survey they had more options to choose from rather than in the summer.
Being down around 60% this year, the leading crypto, Bitcoin, has been trading in a range between $18,171 and $25,203 since July, when the previous survey was conducted.
Since March, Bitcoin has been demonstrating a strong correlation with the S&P 500 index. Now, 42% of survey participants said they expect BTC to remain correlated to tech stocks over the next year. Forth-three percent plan to get more of their funds poured into cryptocurrencies and assets related to them within the next 12 months.
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