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The price of bitcoin rose this week above the psychological level of $ 20,000 per bitcoin despite crypto billionaire Sam Bankman-Fried issuing a sharp warning.
Now, survey data has revealed that the average cryptocurrency user expects the price of bitcoin to rise to around $ 38,000 over the next six months.
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Crypto owners expect bitcoin to rise to around $ 38,000 by the end of 2022, according to a survey of around 4,400 US adults conducted by intelligence firm Morning Consult, which found that the owner of the average crypto remains very optimistic about a bitcoin rebound despite the recent price drop.
The survey showed that bitcoin and crypto holders are much more optimistic than the general public, with those who own bitcoin constantly predicting that the price will be higher than it is.
Many bitcoin and crypto investors continued to come up with bullish bitcoin price predictions, even though a brutal cryptocurrency wiped out about $ 2 trillion in value from the combined crypto market.
Earlier this week, former stockbroker Jordan Belfort, whose financial crimes in the 1990s inspired the film The Wolf of Wall Streetpredicted that the price of bitcoin “almost certainly” will rise over the next three to five years.
“Optimism among cryptocurrency owners may well turn out to be misplaced when we go into what Coinbase’s CEO recently described as a ‘crypto winter,'” Morning Consult analysts wrote. “When the price of bitcoin falls, many owners may well reconsider their positions.”
Last month, Brian Armstrong, CEO of leading bitcoin and cryptocurrency exchange Coinbase, warned that a looming global recession could exacerbate a prolonged fall in cryptocurrency prices.
“We seem to be entering a recession after an economic boom of more than 10 years. A recession could lead to another crypto winter and could last for a longer period, “Armstrong wrote in a June email to Coinbase staff. “Even though it’s hard to predict the economy or the markets, we always plan the worst so we can run the business in any environment.”
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The researchers also warned that if those who have had bitcoins for at least three years sell, it could “encourage” others to pay out, driving the price further down.
“Those who have been investing for at least three years will still be in the dark if they choose to sell at the current low price, and the rising volatility may cause others to consider cashing in the future,” analysts added.