In spite of an ongoing market correction and a nationwide crypto ban, Chinese Bitcoin ( BTC ) investors plan to buy the dip.
Polls Predict Bitcoin at $10K
Chinese social media platform Weibo surveyed 2,200 users and found that 8% said they would buy Bitcoin when it reaches $18,000, according to Wu Blockchain. Approximately 26% of respondents prefer to wait for BTC to reach $15,000.
Most, however, believe the price will fall even further, with 40% predicting $10,000 as the price at which they will buy BTC.
Chinese vs US Month-Over-Month Price Change
An earlier Bloomberg MLIV Pulse survey conducted in July showed a similar result, with 60% of the net 950 Wall Street respondents calling for $10,000 Bitcoin.
Crypto speculators in the United States and China exhibit striking similarities in their bearish sentiments. Since June 2022, on-chain activity indicates that investors in the U.S. have been more bullish on Bitcoin than their Asian counterparts.
It has been positive only during U.S. sessions that Bitcoin’s month-to-month price change has tracked the change in the regional BTC price over the past 30 days. It has been positive only during U.S. sessions that Bitcoin’s month-to-month price change has tracked the change in the regional BTC price over the past 30 days.
Investors Expect BTC Price at $13K and Below
Meanwhile, technical indicators are weakening, particularly on three-day timeframes, supporting further downside.
According to the above illustration, Bitcoin is forming a potential “bear flag” pattern that could lead to a drop below $13,000 by September.
In Cointelegraph’s report, persistent macroeconomic headwinds continue to fuel bearish arguments against an imminent price bottom for bitcoin/usd.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
