Bitcoin (BTC) price could fall to $10K, Wall Street survey finds

YEREVAN (CoinChapter.com) — Bitcoin (BTC) price risks falling to $10,000 next, according to the latest survey of Wall Street investors.

The “MLIV Pulse” survey of 950 investors found that 60% believe the Bitcoin market will likely crash another 50%. In contrast, only 40% claimed it would rally by 50% to reach the $30,000 levels, Bloomberg reported.

Bitcoin price to slump

Since mid-June, the Bitcoin price has been oscillating between $19,000 and $21,000.

Meanwhile, CoinChapter analysts agree with the sentiments on Wall Street. As we previously reported, BTC’s price has been forming what appears to be a “bear pennant.” 

Should the bearish chart pattern come into play, it would put BTC’s price on the road toward $10,000. This is the same level MLIV Pulse survey participants anticipate. 

Meanwhile, Glassnode’s MVRV Z-Score indicator has gone into an extreme low zone. Traders use the indicator to measure an undervalued or overvalued asset compared to its “fair value” in the market.

A low MVRV Z-Score has historically indicated the end of a correction phase, signaling that the BTC price could be close to its bottom. As a result, some investors hope for a price breakout in the coming weeks.

Retail investors apprehensive 

The ongoing crypto winter has wiped out $2 trillion of investors’ funds. The slump comes amid a near 70% correction in the broader crypto market.

The crash of the Terra ecosystem, caused by the de-pegging of its stablecoin Terra USD (UST) and the fall of LUNA (now Luna Classic– LUNC), has caused havoc in the market.

Crypto lending platforms such as Celsius and Voyager, and hedge funds like Three Arrows Capital (3AC), faced a financial crisis. 

The market slump has scared retail investors. According to the survey, individual investors are suspiciously looking at a crypto investment. 

“Retail investors were more apprehensive about cryptocurrencies than their institutional counterparts,”

 the survey claimed. 

24% of retail investors classified cryptocurrencies as “garbage.” An additional 27% expressed skepticism but said they maintained an open mind about the industry. 

With the crypto market still in limbo, the fear of an extended crash remains eminent. As the bulls attempt to push the Bitcoin price up, the coming weeks will show if BTC will fall to $10,000 or if a breakout is on the charts.