US Consumers Believe Bitcoin Will Drop to $11,500 in Six Months: Data

Vinod Dsouza
Bitcoin BTC to $0 zero

The FTX and Alameda Research’s collapse sent Bitcoin below the $18,000 mark in November and shook investors’ confidence in the markets. BTC and a handful of cryptos fell to their 2020 lows erasing all profits generated in 2021 during the bull run.

Business intelligence firm Morning Consult conducted a survey of 4,400 US adults about the prospects of Bitcoin increasing or decreasing in price. The survey reflected the pulse of the general population who remain in touch with BTC’s price prospects.

Among the surveyed respondents, 32% of investors believed that Bitcoin will drop to the $11,500 level within the next six months.

Also Read: Jim Cramer Advises Investors to Sell their Crypto: ‘You Can’t Beat Yourself Up’

Bitcoin is trading at the $16,965 level and a fall to $11,500 would erase 35% from its current price. A handful of investors believe that the FTX fallout will cause lasting effects on BTC’s price even in 2023. The US consumers believe BTC will shed another $5,500 or more within the next six months.

“News has clearly shaken consumers’ faith (FTX bankruptcy) in the most prominent cryptocurrency’s value (BTC),” wrote Morning Consult.

However, while most of the respondents believe in BTC’s price decline, they are optimistic about the future of the crypto markets. 74% of respondents said that they believe the cryptocurrency markets and Bitcoin will stick around for the next 10 years.

Investors remain “slightly more optimistic” with cryptocurrencies despite the market downturn, according to Morning Consult.

Also Read: How Many ‘Zeros’ Did Shiba Inu Delete From December 2021 to 2022?

Bitcoin: The Path Forward

Bitcoin BTC Crash Fall Collpase

Standard Chartered predicted on Monday that Bitcoin could crash to $5,000 in 2023 and throw a shocker to investors.

A handful of analysts are also predicting a recession next year while leading firms are cutting staff to remain afloat. The bear markets could get worse next year due to the global macroeconomic factor and might spell doom to BTC.

Also Read: Top 3 Cryptos to Watch After Fed Chief Jerome Powell’s Speech

At press time, Bitcoin was trading at $16,965 and is down 0.4% in the 24 hours day trade. BTC is also down 75.4% from its all-time high of $69,044, which it reached in November last year.