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The price of bitcoin rose above the psychological level of $20,000 per bitcoin this week, despite crypto billionaire Sam Bankman-Fried issuing a stark warning.
Now, research data has shown that the average cryptocurrency user expects the price of bitcoin to rise to around $38,000 in the next six months.
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Crypto owners expect bitcoin to recover to about $38,000 by the end of 2022, according to a survey of about 4,400 U.S. adults by intelligence agency 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 found 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 make bullish bitcoin price predictions even as a brutal crypto crash wiped out about $2 trillion in value from the combined crypto market.
Earlier this week, former stockbroker Jordan Belfort, whose 1990s financial crimes inspired the film The Wolf of Wall Streetpredicted that the price of bitcoin will “almost certainly” rise in the next three to five years.
“Optimism among cryptocurrency owners may prove misplaced if we start with what Coinbase’s CEO recently described as a ‘crypto winter’,” Morning Consult analysts wrote. “As the price of bitcoin falls, many owners may reconsider their positions.”
Last month, Brian Armstrong, chief executive of leading bitcoin and crypto exchange Coinbase, warned that a looming global recession could exacerbate a prolonged decline in crypto 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 an extended period,” Armstrong wrote in a June email to Coinbase staff. “While it is difficult to predict the economy or the markets, we always plan for the worst so we can operate 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, it could “encourage” others to cash out, further driving the price down.
“Those who have invested for at least three years are still in the dark if they choose to sell at the current low price, and the rising volatility may prompt others to make money in the future,” the analyst added. to.