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While a traditional technical indication may also indicate that the BTC price would go below $13,000. A recent study reveals that Bitcoin (BTC) investors in China want to purchase the dip despite an ongoing market slump and a statewide crypto prohibition.
According to Wu Blockchain, a study of 2,200 individuals performed on the Chinese social media network Weibo revealed that 8% would purchase Bitcoin if its price reached $18,000. While 26% of respondents prefer to wait until Bitcoin hits $15,000 in value.
A majority, however, projected that the price would fall much more, with forty percent stating that they would purchase BTC at $10,000.
Interestingly, another poll by Bloomberg MLIV Pulse earlier in July showed a similar result, with 60% of the net 950 Wall Street respondents predicting a Bitcoin price of $10,000.
The opinions of crypto speculators in the United States and China are strikingly similar, according to two surveys. Since June 2022, however, on-chain activity indicates that American investors have been more positive about Bitcoin than their Asian counterparts.
Only during U.S. sessions has Bitcoin’s month-to-month price change, which mirrors the 30-day change in the regional BTC price, been positive. Glassnode data indicates that the measure has only been negative during Asian trading hours.
Concurrently, weaker technicals are beginning to support more downside, especially on the wider three-day time frame.
As seen above, Bitcoin has been building a possible “bear flag” pattern that might result in a plunge below $13,000 by September.
As previously highlighted by Cointelegraph, persistent macroeconomic headwinds for BTC/USD continue to drive pessimistic arguments against mounting evidence of a potential price bottom.
