Wall Street Investors Were Asked About Bitcoin’s Direction In July, Results Are Not Pretty

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Last Updated on 12 July 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Whoever has a Bloomberg terminal (direct access to Bloomberg) pays a pretty penny for their stock market quotes and related news, and can therefore mostly be seen as a serious investor.

With that in mind, you could say that whenever Bloomberg MLIV Pulse survey comes out, you tend to get a reading on the mind of the greatest group of Wall Street investors.

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$10,000 versus $30,000

950 professional investors participated in the latest of these surveys, and one of the questions that business media wanted to know a response to was the direction of Bitcoin in July. It was a bit of a mixed bag, with the bears winning out over the bulls still.

60% of respondents believed that the world’s largest cryptocurrency is heading back to $10,000, the other 40% think that is eventually going to reclaim the $30,000 level.

Jared Madfes, a partner at venture capital firm Tribe Capital explained:

It’s very easy to be fearful right now, not only in crypto but generally in the world. The expectations for a further drop in BTC reflect people’s inherent fear in the market.

Inflation reading

Of course, the tech markets this week (and crypto markets as well) will be looking to see what the CPI (consumer price index) reading will say this Wednesday. As macro analyst Alex Krueger noted:

Consensus is higher: 8.8% yoy, 1.1% mom. My view: comes in even higher, large dip gets bought.

You should in our humble opinion read this as: any number higher than 8.8% inflation for the US would probably send stock markets down and Bitcoin (temporarily) back below $20k.