While a classic technical indicator could be hinting at BTC price falling below $13,000 as well.
A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% of would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000.
But a majority anticipated the price to fall even further with 40% saying they would buy BTC at $10,000.
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
Interestingly, another survey conducted by Bloomberg MLIV Pulse earlier in July yielded a similar outcome: 60% of the net 950 respondents on Wall Street calling for a $10,000 Bitcoin price.
The two polls show a striking similarity in bearish sentiments of crypto speculators in the U.S. and China. Nonetheless, on-chain activity shows that investors in the U.S. have been more bullish on Bitcoin versus their Asian counterparts since June 2022.
In particula, Bitcoin's month-to-month price change, which tracks the 30-day change in the regional BTC price, has been positive only during U.S. sessions. Conversely, the metric has only been negative during Asian trading hours, data from Glassnode shows.Bitcoin month-over-month price change. Source: Glassnode
Simultaneously, weakening technicals are also starting to support further downside, particularly on the larger three-day timeframe.BTC/USD three-day price chart featuring "bear flag'"setup. Source: TradingView
Bitcoin has been forming a potential "bear flag" pattern that could result in a drop below $13,000 by September, as illustrated above.
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