thecoinrepublic.com
- Bitcoin hodlers have claimed of never selling off their funds, even if the asset’s price plunges by 90% to $3k
- Gabor Gurbacs has surveyed on Twitter to see whether hodlers sell their funds after a 90% loss
- Seeing the market volatility and uncertainties, it is difficult to claim whether BTC price will fall or not
- It is uncertain that the Bitcoin hodlers will genuinely continue to hold after even if the price falls to $3000
Bitcoin hodlers are still bullish over digital currency after the May crash. Recently, Gabor Gurbacs, the Director of Digital Assets Strategy of VanEck, conducted a survey. The survey report revealed that 70% of the Bitcoin hodlers have no plans of selling their acquired coins. Notably, these investors also claimed that they would not sell their coins even if the asset price falls below $3000.
Moreover, the survey also revealed that even if the price of the coin declines by more than 90%, they will not sell. In contrast, although the market has got a heavy hit from the Chinese regulators and Elon Musk, the investors are still bullish.
BTC price is still highly volatile
Since the beginning of this year, the crypto market has seen several new all-time highs. However, the bullish behavior lasted only till the beginning of the second quarter. Since the May crash, we can witness that the price of BTC has suffered more than ever. Moreover, at the time, China’s crackdown and Musk’s stances had confused the investors. And the scenario generated panic among retail investors pushing them to exit.
Looking from the all-time high of BTC in April, the coin has lost almost 50% of its value until today. Indeed, it’s just a matter of three months that shows how volatile the currency is.
Bitcoin hodlers denied selling their assets
Gurbacs had conducted the survey on Twitter’s social platform. He asked whether any Bitcoin hodler continues to hold after seeing a 90% BTC market correction to under $3k. Notably, 4,943 users had responded to its poll.
Among the respondents, 67.5% have claimed that they will keep their BTC acquisition even if the price falls sharply. On the other hand, 21.2% of the respondents denied to hodl if such a situation arises. Indeed, about 11.3% of the respondents chose the “I don’t know” option showing confusion.
Can Bitcoin’s price fall to $3k?
It is noteworthy that following the current scenario, it is impossible that BTC will ever fall to $3k. However, if such decline happens, it will be a very low range, which can shake a hodlers faith.
If we look back to major price corrections in the past, we can say that BTC will never go down with a stamp on paper. Still, the crypto market is famous for its uncertainty and volatility. Hence anything is possible.
Can the stats be proven true?
While observing the previous market crash and bearish market, we have observed that several have exited with their funds. For example, in the recent May crash, it is noted that as the price of Bitcoin began to fall, many hodlers started to dispose of their funds amid fear in the market.
However, the scenario indicates that as the market is uncertain, the behavior of investors is the same. Following such more considerable losses, any investors’ faith could tumble.