A recent poll indicates growing pessimism in the crypto market, with 60% of respondents predicting Bitcoin's price could nosedive to $10,000—half its current value—rather than rebound to $30,000. Since its November 2021 peak of $69,000, Bitcoin has lost over two-thirds of its value, and the broader crypto market has shed approximately $2 trillion in capitalization.
Key Findings from the MLIV Pulse Survey
1. Market Sentiment: Extreme Fear Dominates
- 60% of investors foresee Bitcoin dropping to $10,000.
- 24% of retail investors and 18% of professionals labeled cryptocurrencies as "all garbage," reflecting deep skepticism.
- Conversely, 23% of retail investors and 26% of professionals believe "crypto is the future," highlighting polarized views.
2. Demand for Regulation Intensifies
Jared Madfes of Tribe Capital notes:
"Fear is pervasive—not just in crypto but globally. The call for stricter oversight underscores eroding confidence."
Most respondents agreed that regulatory clarity is critical to restoring trust in the sector.
3. NFTs and the Next Bull Market
- Only 9% still view NFTs as viable investments; most consider them art projects or status symbols.
- The majority predict the next bull run will exclude crypto entirely, with technologies like Web3 and blockchain unlikely to drive hype.
Why This Matters for Investors
The crypto market faces unprecedented headwinds:
- Macroeconomic pressures (interest rate hikes, geopolitical tensions).
- Loss of institutional trust following high-profile collapses (e.g., Celsius Network).
- Retail investor retreat from extreme volatility.
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FAQ: Addressing Top Concerns
Q1: Should I buy Bitcoin at its current price?
A1: High risk prevails. Diversify and consider dollar-cost averaging if entering the market.
Q2: Will Ethereum recover its dominance?
A2: Analysts like Ed Moya warn of Ethereum losing ground. Layer-1 alternatives may gain traction.
Q3: Are NFTs completely dead?
A3: Utility-focused NFTs (e.g., ticketing) may survive, but speculative hype has faded.