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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.
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
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.
Alex DovbnyaSeveral 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.
Gamza Khanzadaev
Godfrey Benjamin
Dan Burgin
Alex Dovbnya
Vladislav Sopov