Survey: More Investors Say Bitcoin Likely To Hit $10K Instead of $30K

Nearly a quarter of retail investors consider the cryptoasset class “garbage”

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • The price of bitcoin was about $20,500 at 4 pm ET on Monday, up 6.2% from a week ago
  • Retail investors have a more pessimistic outlook than institutional investors, Bloomberg’s MLIV Pulse survey shows

While bitcoin has plummeted about 70% from its all-time high last November and about 30% in the last month, many investors believe the cryptoasset’s price will get much worse, according to Bloomberg’s MLIV Pulse survey.

About 60% of respondents indicated that bitcoin (BTC) is more likely to dip to $10,000 rather than rally back to $30,000. The survey was conducted from July 5 to July 8 and included 950 investor responses. 

The price of bitcoin was about $20,500 at 4 pm ET on Monday, down 1.6% from a day ago and up 6.2% in the past seven days. BTC’s market capitalization was down to $390 billion, dropping 36% from a year ago, according to Blockworks Research data.

Bitcoin’s market capitalization | Source: Blockworks Research

Crypto’s market capitalization dropped from its peak of $3 trillion last November to less than $1 trillion Monday.

Nearly a quarter of the surveyed retail investors consider the cryptoasset class “garbage,” according to the survey, compared to 18% of professional investors. The highest percentage of the latter category — 32% of professional investors — reported being “open-minded but skeptical.”

About 28% of the overall respondents expressed strong confidence that cryptocurrencies are the future of finance.

The latest bearish cycle for bitcoin is close to testing the 80% drops seen in past crypto winters, according to Edward Moya, senior market analyst at OANDA.

“The $14,000 level seems like it could provide significant support if bitcoin breaks later this week,” he wrote in a note on Monday. “This week’s inflation report could be the trigger for one last major plunge for cryptos.”

Federal Reserve officials are not ruling out another interest rate hike of 75 basis points to combat inflation, according to minutes released last week. 

“Despite all the pessimism and negative headlines for bitcoin, the fact that it is putting up a fight at the $20,000 level is a promising sign,” Moya added.

The survey also found that about 9% of respondents think of NFTs as an investment opportunity, with the majority seeing the digital assets as art projects or status symbols.  

NFT (non-fungible token) marketplace OpenSea traded $646.6 million in volume during June, down more than 65% from May.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template Presentation.jpg

Research

The Solana validator landscape has changed drastically over the past year. The chain now has 1,332 active validators with 380.9 million SOL staked (63.9% of supply) as of February 2025. Validator revenue had diversified beyond inflationary rewards (still making up 55%) to include Jito tips (30%), priority fees (24%), and base fees (<1%), in January, especially with the increased activity on Solana. Since then, issuance has become dominant again (76%), while Jito tips (14%), priority fees (9%), and base fees (less than 1%) have reduced in share of February 2025. There has been a strong shift towards non-inflationary revenue sources, which have become more central to validator economics as priority fees and off-chain blockspace auctions gain traction. Client diversity has also improved drastically, with implementations such as Agave, Jito-Solana, and Frankendancer already in use, and upcoming clients like Firedancer and Sig expected to further strengthen resilience and reduce reliance on a single codebase.

article-image

BWR analyst Carlos Gonzalez Campo explains the consequences of SOL inflation and transfers lost to “leaky buckets”

article-image

Empire co-host Santiago Santos makes the case that memecoins have actually helped push infra forward…just not in the way you think

article-image

A16z Crypto lists seven buckets for tokens and recommendations for how to regulate them, in a filing submitted to the SEC

article-image

New model aims to resolve trading inefficiencies with a single execution layer and market maker changes

article-image

Investors navigating BTC face short-term unpredictability, influence from other markets

article-image

The GENIUS Act aims to establish regulatory guidelines for stablecoins