When Bitcoin Reaches $18,000, Chinese Investors Could “Buy The Dip”

July 14, 2022 - Around 2 mins mins to read

When Bitcoin reaches $18,000, Chinese investors could “buy the dip”

According to WuBlockchain, Chinese retail traders believe they will be able to buy Bitcoin with a higher discount of $18,000, $15,000, and $10,000. The 70% decline in the price of Bitcoin on the cryptocurrency market might not be enough for some crypto investors.

More than 2,200 individuals participated in the poll, and 8% of them thought that Bitcoin will soon hit $18,000 and Ethereum would fall to $1,000. The belief among investors that they can purchase a bitcoin for $15,000 is growing. The majority of investors are placing bets on BTC falling to $10,000 and ETH falling to $500.

In a survey of more than 2,200 people conducted in Chinese crypto community on Weibo, 8% of the voters believed that Bitcoin and Ethereum could be buy the dip when the price reached $18000/1000; 26% will buy in $15000/800; 40% will buy in $10000/500. pic.twitter.com/L2HsetMSk7
— Wu Blockchain (@WuBlockchain) July 14, 2022

Even though the study only includes a small subset of cryptocurrency investors from one location, we can still use the results as a general indicator of how retail investors in other regions feel about the market.

The majority of retail traders and investors are not yet ready for Bitcoin or Ethereum at present levels, according to data, and they anticipate that both currencies will decline much more. This finding is consistent with forecasts made by a number of cryptocurrency market analysts and investors.

Statistics show that whenever assets truly reach the aforementioned values and prices, the desire of certain individual investors to purchase the dip disappears. Such a tendency is related to the fact that when an asset’s price performance is poor, investors experience anxiety and refrain from investing until they notice a turnaround.

The profitability of traders and miners, unrealized loss, and other measures all point to Bitcoin being severely oversold and at all-time low levels right now, according to a number of on-chain and market indicators.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Analysis, Bitcoin

When Bitcoin Reaches $18,000, Chinese Investors Could “Buy The Dip”