A new survey shows that Bitcoin (BTC) investors in China are planning to buy the dip despite an ongoing market correction and a nationwide crypto ban.
The consensus sees Bitcoin at $10,000
A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% would buy Bitcoin when its price reached $18,000, according to Wu Blockchain. While 26% of respondents prefer to wait for BTC to reach $15,000.
But the majority expected the price to drop 40% further, saying that they would buy BTC at $10,000.
Chinese investors are more cautious about Bitcoin than the US
Interestingly, another poll conducted by Bloomberg MLIV Pulse earlier in July yielded a similar result, with 60% of a net 950 respondents on Wall Street claiming $10,000 in bitcoin.
The two surveys show a striking similarity in the bearish sentiment of cryptocurrency speculators in the US and China. However, on-chain activity shows that investors in the US have been more bullish on Bitcoin versus their Asian counterparts since June 2022.
Related: Bitcoin Fights Major Trend Line Near $20K As US Dollar Index Reaches 20-Year High
In particular, Bitcoin’s month-to-month price change, which tracks the 30-day change in the regional BTC price, has only been positive during the US sessions. On the contrary, the gauge was only negative during Asian trading hours, data from Glassnode shows.
Bitcoin price change on a monthly basis. Source: Glassnode
Technical indicator hints that BTC price is below $13,000
Meanwhile, weak technical indicators are also starting to support more downside, especially on the larger three-day time frame.
Three day BTC/USD price chart featuring a “bear flag” setting. Source: TradingView
Bitcoin is forming a potential “bear flag” pattern that could lead to a drop below $13,000 by September, as shown above.
As Cointelegraph reported, BTC/USD’s macroeconomic headwinds continue to fuel bearish arguments against mounting evidence of a potential price bottom.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.