Bitcoin’s decline in recent weeks has raised concerns among investors in the space. Wall Street investors are bearish while the former Morgan Stanley remains bullish.
Bitcoin’s decline in recent weeks has raised concerns among investors in the space. The digital asset that had peaked at $69,000 had fallen to $17,600 and continues to struggle to maintain $20,000, dragging investor sentiment with it. This same sentiment was shared by a group of Wall Street investors about how they viewed the digital asset.
Mostly, investors do not see any bullish movement in the near future.
The majority say Bitcoin is going down
Of the 950 respondents surveyed by MLIV Pulse, the majority revealed that they do not expect any significant recovery for bitcoin. The digital asset is currently trading above $20,000, but these investors believe it is likely to collapse further. A total of 60% of all respondents said they expect the price of bitcoin to actually fall to $10,000. In addition, they believe that this price is more likely than the price of the digital asset that reaches $ 30,000.
Bitcoin’s rebound is a matter of time
At the same time Sharma, a New York Times bestselling author and former emerging markets investor at Morgan Stanley (MS), predicted that bitcoin could experience a similar return to Amazon’s. Amazon’s value declined by about 90% during the dot-com crash of the early 2000s, but increased more than 300-fold over the next 20 years.
Although Sharma agrees that there could be more turmoil for bitcoin and the wider world of digital assets in the coming months, this could also serve to remove weak players from the market. Some argue that it has already occurred.
Today’s technicians
Bitcoin is still stuck in a narrow range as it trades from $20,000 to $21,000. The cryptocurrency has been pushed back at major resistance levels and could retest its annual lows near $17,000.
At the time of writing, the price of BTC is trading at $20,600 with a loss of 1.4% and a profit of 7% in the last 24 hours and last week respectively.
It is also trading below the 100-hour simple moving average. It even stabilized below the 76.4% Fib retracement level of the upward movement from the swing low of $19,301 to $22,500 swing high.
However, there is a major support waiting near $19,500. On the upside, the price could hold up near the levels of $20,000 and $20,150.
The downward BTC price trends on the 4-hour chart. Source: BTCUSD Tradingview
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