Bitcoin (BTC) traders in China plan to purchase the dip regardless of an ongoing market correction and a nationwide crypto ban, a brand new survey reveals.

Consensus sees Bitcoin at $10K

A survey of two,200 folks carried out on China-based social media platform Weibo discovered that 8% of would purchase Bitcoin when its worth hits $18,000, according to Wu Blockchain. Whereas 26% of the respondents want to attend till BTC reaches $15,000.

However a majority anticipated the value to fall even additional with 40% saying they’d purchase BTC at $10,000.

In a survey of greater than 2,200 folks carried out in Chinese language crypto neighborhood on Weibo, 8% of the voters believed that Bitcoin and Ethereum may very well be purchase the dip when the value reached $18000/1000; 26% will purchase in $15000/800; 40% will purchase in $10000/500. pic.twitter.com/L2HsetMSk7

— Wu Blockchain (@WuBlockchain) July 14, 2022

Chinese language traders extra cautious on Bitcoin than U.S.

Curiously, another surveycarried out by Bloomberg MLIV Pulse earlier in July yielded an identical consequence: 60% of the web 950 respondents on Wall Road calling for a $10,000 Bitcoin worth.

The 2 polls present a placing similarity in bearish sentiments of crypto speculators within the U.S. and China. Nonetheless, on-chain exercise reveals that traders within the U.S. have been extra bullish on Bitcoin versus their Asian counterparts since June 2022.

Bitcoin fights key trendline close to $20K as US greenback index hits new 20-year excessive

In particula, Bitcoin’s month-to-month worth change, which tracks the 30-day change within the regional BTC worth, has been optimistic solely throughout U.S. classes. Conversely, the metric has solely been unfavorable throughout Asian buying and selling hours, knowledge from Glassnode reveals.

Technical indicator hints at BTC worth under $13K

Concurrently, weakening technicals are additionally beginning to help additional draw back, notably on the bigger three-day timeframe.

Bitcoin has been forming a possible “bear flag” sample that would end in a drop under $13,000 by September, as illustrated above.

As Cointelegraph reported, persistent macroeconomic headwinds for BTC/USD proceed to gasoline bearish arguments towards growing proof of apossible worth backside.

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