A new survey from Bloomberg finds that a majority of Wall Street traders believe there is more downside in store for Bitcoin (CRYPTO: BTC).
What Happened: According to the latest Bloomberg MLIV Pulse survey, retail investors are more bearish on cryptocurrency than professional investors.
Over 60% of the survey’s respondents think that Bitcoin is more likely to go down to $10,000 than reclaim to $30,000.
See Also: IS BITCOIN A GOOD INVESTMENT?
The majority of those surveyed were largely skeptical of cryptocurrencies in general, with only 23% of respondents believing that digital assets are the future.
Bitcoin is currently trading 70% below its all-time high ahead of $69,000 in what has now been crowned the worst bear market in cryptocurrency history.
In this latest bearish cycle, the leading digital asset is close to testing the historically known 80% drops seen in past winters, commented OANDA’s senior market analyst Edward Moya in a note seen by Benzinga.
“The $14,000 level seems like it could provide significant support if Bitcoin breaks later this week. This week’s inflation report could be the trigger for one last major plunge for cryptos,” he said.
Price Action: According to data from Benzinga Pro, at press time, Bitcoin was trading at $19,925, down 2.98% over the last 24 hours.
Ethereum (CRYPTO: ETH) was trading at $1,092, down 5.2% and Dogecoin (CRYPTO: DOGE) was trading at $0.062, down 5.8% over the same period.
Read Next: Bitcoin, Ethereum, Dogecoin Plunge As Diamond Hands Feel The Pain: How Much Longer Will Crypto Slide Last?
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