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Chinese Investors Might "Buy the Dip" When Bitcoin Hits $18,000: Survey

Thu, 07/14/2022 - 08:14
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Arman Shirinyan
Some traders and investors believe that there is still room to fall for Bitcoin and Ethereum
Chinese Investors Might "Buy the Dip" When Bitcoin Hits $18,000: Survey
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The 70% dip of Bitcoin on the cryptocurrency market might not be enough for some crypto investors as Chinese retail traders believe they will be able to purchase the digital gold with a larger discount of $18,000, $15,000 and $10,000, according to WuBlockchain.

More than 2,200 people took part in the voting, with 8% of voters believing that Bitcoin will reach $18,000 and Ethereum will plunge to $1,000 in the foreseeable future. Ever more investors are convinced that they will be able to buy a BTC for $15,000. The largest share of investors is betting on BTC plunging to $10,000 and ETH plunging to $500.

While the survey reflects only a niche portion of crypto investors in a certain region, we can use it as representative information about the sentiment among retail investors from different regions.

As data suggests, most retail traders and investors are not yet ready for Bitcoin or Ethereum at current prices and believe that both currencies will drop even more, which also correlates with the predictions of several cryptocurrency market analysts and investors.

How investors really behave when assets are plunging

Statistically, the desire of some private investors to buy the dip vanishes whenever assets actually reach the aforementioned values and prices. Such a trend is tied to the fact that with the negative price performance of an asset, investors become fearful and avoid any inflows into it until they see a reversal.

Embattled Crypto Lender Celsius Finally Files for Bankruptcy

Several on-chain and market indicators suggest ‌that Bitcoin is extremely oversold and is currently sitting at all-time low levels in terms of the profitability of traders and miners, unrealized loss and other metrics.

At press time, Bitcoin and Ethereum are trading at $20,000 and $1,100, respectively.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.