Bitcoin Investors are "Buying the Dip" in Anticipation of a Bounce Back to $55K in Six Months, Morning Consult Study Shows
Bitcoin investors are still optimistic because they continue stacking with the expectation that the price will rebound to the $55,223 level in six months, according to a study by data intelligence company Morning Consult.
Charlotte Principato, Morning Consult’s managing director, stated:
“That means consumers have so far proved less nervous about bitcoin’s price drop this time around compared with last summer, when its price plummeted.”
The study noted that approximately 21% of the respondents in the U.S. were inclined to buy Bitcoin even at lows of $32,983 recorded recently.
Morning Consult acknowledged that the percentage of U.S. investors who could buy the cryptocurrency nosedived from 17% in May 2021 to 13% in July of the same year.
During the time, Bitcoin shed off more than 50% of its value by dropping to lows of $28,000 as Chinese authorities intensified their crackdown on crypto mining.
The most bullish respondents were holders of Bitcoin worth more than $500 because they anticipated the top cryptocurrency to surge to $62,439 in the next six months, bringing it closer to the all-time high (ATH) price of $69,000 recorded in November 2021.
“Making money” emerged as the primary reason that made investors at 70% jump on the Bitcoin bandwagon, per the study.
The report also acknowledged that Bitcoin investors were more risk-tolerant than the general population because they had a four times likelihood of accepting financial risks.
On the other hand, analysts have opined that Bitcoin needs to breach the high resistance zone between $38,000 and $40,000 for significant upward momentum.
Meanwhile, crypto adoption continues experiencing an uptick, given that payments associated with Visa’s crypto-lined cards soared to $2.5 billion during the company’s fiscal first quarter of 2022.
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