Bitcoin Price To Drop 50% More

For a week the leading cryptocurrency by market capitalization, Bitcoin has managed to stay above $20,000 fluttering between $20,000 and $21,000 price levels. Now the flagship currency is depicting mixed indications in terms of its price movement.

Though it appears as if Bitcoin’s price started with its recovery phase, many wall street investors are of the opinion that Bitcoin might witness another 50% drop from its current trading price. If this price moment is true, then the Bitcoin price will find its bottom at $10,000.

There was also a survey conducted by MLIV Pulse survey, out of 950 investors, 60% believe Bitcoin price will soon drop to $10,000. However, the remaining 40% are of the opinion that Bitcoin will surge by 50% from the current price level to hit the $30,000 level.

In the last two months, since May, the crypto space is experiencing a gloomy environment due to the events connected with the collapse of many currencies and projects, issues faced by Crypto lending platforms leading to bankruptcy, and much more.

This continued bearish control over the crypto world is leaning more towards sell pressure. This has led to an overall market correction of around 70% losing $2 trillion of investors’ funds in the last two years.

Another survey by MLIV Pulse survey shows that 28% of the voters are confident in crypto-assets and on the other hand, 20% of them think that cryptocurrencies are of no use.

Crypto Regulations Soon?

The call for crypto regulations has been on the rise for a long time and it’s growing more after the Terra network crash, along with Celsius Network, Voyager digital, and Three Arrow Capital.

Many are of the opinion that if there are strong regulatory measures by the government, crypto adoption will see a rise between retail and institutional players. The respondents also feel that Bitcoin and Ethereum are the ones acting as the main reason for crypto adoption.