October 3, 2022

Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin

2 min read

Crypto market participants everywhere are viewing the market crash with eager guarded interest. In a recent study conducted amongst Chinese crypto investors, the majority of them exposed that they would consider buying the dip in the price series of $30,000 per Bitcoin. On the other hand, faint signals of bullishness still have analysts predicting that $100,000 is still possible by the end of 2022.

Bitcoin’s bottom might be below $30,000 according to these Chinese crypto financiers

According to a current survey performed on Weibo, China’s equivalent of Twitter, a Bitcoin cost of $30,000 appears to be the most attractive market entry point for most of the individuals. Around 35% of the individuals mentioned that they would buy Bitcoin (BTC) if it fell listed below $30,000.

One reason for their cost targets is the usually low psychological expectation in the market. The majority of them expressed wariness in their psychological expectations of the crypto market. Over 60% of the individuals on the microblogging platform said they would just think about buying Bitcoin at the minute, while 22% would pick to purchase Ethereum (ETH) While China stays banned from the crypto market, the survey shows that crypto trading is still beginning the authoritarian country.

Cautiousness is a common theme in the market at the minute among crypto financiers the world over as well. There are numerous bearish forecasts for the price of Bitcoin from among crypto supporters in addition to skeptics.

In the middle of caution, some market players still see a light at the end of the tunnel

The crypto market unfavorable has actually been warranted by the huge market selloff that has been going on in the last couple of days. The rate of Bitcoin has tipped over 18% in the last seven days. At a point, it even reached an intra-day price of under $34,500, more than 50% listed below its all-time high rate. At the time of composing, Bitcoin is trading at, Bitcoin can still get to in between $100k and $200k by 2023. Cowen, who puts his worst-case circumstance cost of Bitcoin in the $20,000 range, stated that as early as completion of 2022, the rate of Bitcoin might be over $100,000.

My theory all along is that Bitcoin must have the ability to go to 100 to 200k by 2023 – – end of 2022 at the earliest…… Right now it’s not looking likely, but appearance, December’s a long way off, he stated.

In the meantime, investors can DCA into the market, he includes.

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