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Market Musings

These Two New Surveys Paint a Very Gloomy Picture for Bitcoin

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Published on:
January 19, 2021

In one poll, 56% said they believe Bitcoin's price in 2021 is more likely to halve than double.

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If two new surveys are to believed, choppy waters lie ahead for Bitcoin.

 

Most of those who took part (56%) in Deutsche Bank’s investor survey believe BTC and Tesla shares are more likely to halve in value than double over the next 12 months.

 

However, 71% of respondents said that they don’t believe the U.S. Federal Reserve will start cutting back on economic stimulus measures until 2022 at the earliest. Such fiscal support is generally seen as good news for Bitcoin because of how it weakens the dollar.

 

Meanwhile, a separate survey by Bank of America suggests that Bitcoin has now overtaken “long tech” as January’s most crowded trade.

 

And all of this comes as the Crypto Fear & Greed Index continues to flash a score of 80 out of 100 — indicating “Extreme Greed.”

 

Crypto analysts monitoring the markets continue to maintain that the recent pullback seen in Bitcoin’s price is healthy.

 

Nonetheless, it’s fair to say that increasing murmurings about tighter global regulations for Bitcoin could spook the markets.

 

With Joe Biden set to enter the White House on Jan. 20, traders will face a nervous wait to see how his new administration approaches cryptocurrencies.

 

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I'm just your average dog... Only decentralized; also... I'm not your average dog.

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