Bitcoin (BTC) investors in China plan to buy dip despite an ongoing market correction and a nationwide cryptocurrency ban, a new survey shows.
Consensus sees Bitcoin at $ 10K
A survey of 2,200 people conducted on the Chinese social media platform Weibo found that 8% of would buy Bitcoin when the price reaches $ 18,000, according to Wu Blockchain. While 26% of respondents prefer to wait until BTC reaches $ 15,000.
But a majority expected the price to fall further by 40% who said they would buy BTC for $ 10,000.
In a survey of more than 2,200 people conducted in the Chinese crypto community on Weibo, 8% of voters believed that Bitcoin and Ethereum could be bought when the price reached $ 18,000 / 1,000; 26% will buy in $ 15,000 / 800; 40% will buy in $ 10,000 / 500. pic.twitter.com/L2HsetMSk7
– Wu Blockchain (@WuBlockchain) July 14, 2022
Chinese investors are more cautious about Bitcoin than American ones
Interestingly, another survey conducted by Bloomberg MLIV Pulse earlier in July yielded a similar result: 60% of the net 950 respondents on Wall Street asked for a Bitcoin price of $ 10,000.
The two polls show a striking similarity in bearish sentiments from cryptocurrencies in the US and China. Nevertheless, activity on the chain shows that investors in the US have been more positive on Bitcoin compared to their Asian counterparts since June 2022.
Related: Bitcoin fights key trend line close to $ 20,000 when US dollar index reaches new 20-year high
In particular, Bitcoin’s month-on-month price change, which tracks the 30-day change in the regional BTC price, has only been positive during US sessions. Conversely, the calculation has only been negative during Asian opening hours, data from Glassnode show.
Technical indicator suggests BTC price below $ 13K
At the same time, weakened techniques are also beginning to support further disadvantages, especially in the larger three-day time frame.
Bitcoin has formed a potential “bear flag” pattern that could result in a fall below $ 13,000 by September, as illustrated above.
As Cointelegraph reported, persistent macroeconomic headwinds for BTC / USD continue to provide bearish arguments against growing evidence of a possible price bottom.
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