Bitcoin has gotten to a positive start of the month. This, however, doesn’t seem to have convinced most investors that the month will be a strong one for Bitcoin. A poll set up by one prominent analyst and macro investor has revealed that a majority in the crypto community is bearish on Bitcoin over the next 30 days. Raoul Pal set up the poll and after over 20,000 votes, it is clear that though by a slim margin, the crypto community expects a huge price dump.
On Thursday, Bitcoin briefly climbed above $7K. This after a week of positive results and continued confirmation of higher highs and tremendous lows. But bulls were unable to hold above $7K and as a result, Bitcoin has retraced to the $6,800 support.
This is yet another confirmation of a higher low. Previously, Bitcoin tested $6K, $6.2K and $6.6K. Now investors are looking to see if Bitcoin can hold the $6.8K support before breaking out again.
For a majority of investors, this is a sign that Bitcoin is looking up and the worst of recent sell-offs and price capitulations is over. This is especially given that Bitcoin halving is coming next month. This is further expected to fuel positive results.
Crypto Community 50/50 Split
A poll involving over 20,000 participants has revealed that the crypto community expects a 20% plummet in the next 30 days. Analyst Raoul Pal asked where the next 20% Bitcoin price action will be headed, up or down. Of those who participated, 50.2% voted that it will be down.
Over the last two weeks, there has been much to celebrate around Bitcoin. The digital asset has shown stability with volatility dropping. It has also steadily begun decoupling from the stock market. With the new month, there was a sign that the calmness was beginning to surmount to positive price action.
With such bearish sentiments, it’s likely that we see huge sell-offs once Bitcoin hits key highs as investors cash out. However since it’s not clear cut and the bulls are still plenty, this will likely lead to a price tussle over the coming weeks. This poll could be a confirmation that the next 30 days could see volatility at ATHs.