Recent market sentiment suggests a growing pessimism among investors regarding the future of Bitcoin and the broader cryptocurrency ecosystem. A significant number of participants in a recent MLIV Pulse survey believe Bitcoin could fall as low as $10,000, reflecting widespread uncertainty in the digital asset space.
Survey Reveals Extreme Bearish Sentiment
According to a Bloomberg report, the MLIV Pulse survey gathered opinions from approximately 950 investors. A striking 60% of respondents predicted that Bitcoin would continue its downward trajectory, potentially falling to around $10,000—half of its value at the time of the survey—rather than rebounding to $30,000.
This bearish outlook comes amid a prolonged market downturn. Since its all-time high of nearly $69,000 in November 2021, Bitcoin has lost over two-thirds of its value. It hasn’t traded near the $10,000 mark since September 2020.
Market analysts suggest that this pessimistic forecast highlights a broader loss of confidence in crypto assets. Widespread token collapses, macroeconomic uncertainty, and shifting monetary policies have contributed to a loss of nearly $2 trillion in total cryptocurrency market capitalization since late 2021.
Divided Opinions: "Garbage" vs. "The Future"
When asked about their general attitude toward cryptocurrencies, respondents were sharply divided. Nearly a quarter (24%) of retail investors and 18% of professional investors described cryptocurrencies as "all garbage," implying they see no long-term value in digital assets.
On the opposite end, almost the same proportion of respondents expressed strong confidence. About 23% of retail investors and 26% of institutional participants stated they believe "cryptocurrencies are the future."
This polarization of opinion underscores the ongoing debate around the intrinsic value and utility of blockchain-based assets. Despite the divide, professional investors generally demonstrated a slightly more open attitude toward crypto investments.
Calls for Increased Regulation and Market Stability
Jared Madfes, a partner at venture capital firm Tribe Capital, commented on the fearful sentiment, noting, "It's easy to be scared right now, not just in crypto, but across the world." He suggested that predictions of further Bitcoin declines reflect "an inherent fear in the market."
In response to recent market turmoil, most survey participants agreed that the cryptocurrency industry needs more comprehensive regulation to restore investor confidence. While respondents acknowledged the transformative potential of major cryptocurrencies like Bitcoin and Ethereum, many also expressed concern about the impact of potential central bank digital currencies (CBDCs).
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NFT Interest Declines; Next Bull Market May Exclude Crypto
The survey also examined attitudes toward non-fungible tokens (NFTs), which have seen spectacular volatility. Once hailed as groundbreaking investment opportunities, NFTs are now primarily viewed by respondents as art projects or status symbols. Only 9% of surveyed investors still consider NFTs a viable investment opportunity.
Perhaps most tellingly, a majority of respondents predicted that the next major bull market would have little to do with cryptocurrencies. Terms like "Web3" and "blockchain" were not seen as likely catalysts for the next wave of investment frenzy, suggesting that investor enthusiasm has significantly cooled.
Frequently Asked Questions
Why do some investors think Bitcoin could drop to $10,000?
Market sentiment has turned increasingly bearish due to widespread cryptocurrency failures, regulatory uncertainty, and challenging macroeconomic conditions. These factors have led many investors to predict further price declines.
What percentage of investors still believe in cryptocurrency's future?
Approximately one-quarter of surveyed investors maintain bullish outlooks, with 23% of retail investors and 26% of professional investors stating they believe "cryptocurrencies are the future."
Are NFTs still considered good investments?
According to the survey, only 9% of respondents still view NFTs as investment opportunities. Most now see them primarily as art projects or digital status symbols rather than financial assets.
What would help restore confidence in cryptocurrencies?
Most survey participants pointed to increased regulatory clarity and oversight as necessary steps toward rebuilding trust in the cryptocurrency market after recent volatility and high-profile failures.
Could central bank digital currencies impact Bitcoin and Ethereum?
Yes, many respondents acknowledged that the development of government-backed digital currencies could create significant competition for existing cryptocurrencies and potentially disrupt the entire digital asset landscape.
Where can I learn more about market trends?
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