thecoinrepublic.com
- According to Voyager Digital’s third-quarter sentiment poll, 96 percent of investors are optimistic about crypto’s near-term prospects
- Bitcoin was on its way to $100,000 without much resistance, according to a Bloomberg September Outlook study
- China’s choice, according to crypto pundit Ron Insana, maybe, a prelude to the United States adopting efforts to essentially make bitcoin and other cryptos illegal or useless, but not the transformative blockchain technology that underpins them
According to Voyager Digital’s third-quarter sentiment poll, 96 percent of investors are optimistic about crypto’s near-term prospects. In comparison to the 81 percent investor confidence reported in Q2 2021, this was a significant increase.
In terms of Bitcoin, 8 out of 10 investors believe the coin will rise in value in the following quarter. This was primarily due to expectations that Bitcoin would trade above $56,000 by the end of the year.
Furthermore, 40% of respondents predicted that BTC will reach $71,000 by the fourth quarter. And if you’re intending to buy more Bitcoin, you’re among the 89 percent of investors who said they’d raise their holdings in the next three months.
Bitcoin was on its way to $100,000 without much resistance, according to a Bloomberg September Outlook study. Analyst Mike McGlone recently stated that the level may be reached in 2021. The Bitcoin Anxiety & Greed Index fell to 28 after China’s recent regulatory announcement on cryptocurrencies, showing short-term fear pressure.
As a result, Michael Novogratz, CEO of Galaxy Investment, believes that Bitcoin and Ethereum are due for a consolidation. According to CryptoQuant, the regulatory decision triggered FUD selling, which resulted in a BTC price decrease of nearly 8%. As a result of the panic selling, stablecoin exchange reserves surged across exchanges. Some industry insiders believe this is only the start of a consolidation season.
China’s choice, according to crypto pundit Ron Insana, maybe, a prelude to the United States adopting efforts to essentially make bitcoin and other cryptos illegal or useless, but not the transformative blockchain technology that underpins them.
The impact of big economies clamping down on the industry tends to worsen confidence. Depending on the severity of the limitations, BTC and other cryptos might have a near-term to mid-term impact if more nations opt to prohibit trading or investing operations. However, it’s worth noting that China’s reply was neither unexpected nor unexpected by the market.