Bitcoin (BTC) investors in China plan to buy the dip despite an ongoing market correction and a nationwide crypto ban, a new survey shows.
Consensus sees Bitcoin at $10K
A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% of would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000.
But a majority anticipated the price to fall even further with 40% saying they would buy BTC at $10,000.
In a survey of more than 2,200 people conducted in Chinese crypto community on Weibo, 8% of the voters believed that Bitcoin and Ethereum could be buy the dip when the price reached $18000/1000; 26% will buy in $15000/800; 40% will buy in $10000/500. pic.twitter.com/L2HsetMSk7
— Wu Blockchain (@WuBlockchain) July 14, 2022
Chinese investors more cautious on Bitcoin than U.S.
Interestingly, another survey conducted by Bloomberg MLIV Pulse earlier in July yielded a similar outcome: 60% of the net 950 respondents on Wall Street calling for a $10,000 Bitcoin price.
The two polls show a striking similarity in bearish sentiments of crypto speculators in the U.S. and China. Nonetheless, on-chain activity shows that investors in the U.S. have been more bullish on Bitcoin versus their Asian counterparts since June 2022.
Related: Bitcoin fights key trendline near $20K as US dollar index hits new 20-year high
In particula, Bitcoin’s month-to-month price change, which tracks the 30-day change in the regional BTC price, has been positive only during U.S. sessions. Conversely, the metric has only been negative during Asian trading hours, data from Glassnode shows.
Technical indicator hints at BTC price below $13K
Simultaneously, weakening technicals are also starting to support further downside, particularly on the larger three-day timeframe.
Bitcoin has been forming a potential “bear flag” pattern that could result in a drop below $13,000 by September, as illustrated above.
As Cointelegraph reported, persistent macroeconomic headwinds for BTC/USD continue to fuel bearish arguments against increasing evidence of a possible price bottom.
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