The recent collapse of the cryptocurrency market and the loss of almost 50% of the value of bitcoin, according to surveys, did not shake the confidence of investors in the main cryptocurrency. Hedge funds intend to store about 10% of their portfolios in cryptocurrencies in five years. If this happens, the crypto market will receive over $300 billion.
The survey of retail investors was conducted by the cryptocurrency company Voyager Digital in the second quarter. In the process, 3,671 high-frequency traders were interviewed on the Voyager platform.
The results showed that 81% of respondents are more confident in the future of cryptocurrency, even after the sharp collapse in prices in April and May.
As for the storage and accumulation of digital coins, 87% of respondents intend to increase the volume of holding positions in the next quarter. From January to March, when bitcoin was growing rapidly, only 80% of retail investors were inclined to increase savings.
About 39% of respondents said that they expect the bitcoin price to fluctuate in the range of $56,000 - $70,000 by the end of the third quarter of 2021. A minority, 28%, predict the exchange rate of the main cryptocurrency between $41,000 and $55,000. The percentage of respondents who thought that bitcoin would reach the price of $71,000 was 18%, compared to the previous survey's figure of 20%.
Also, more than 9 out of 10 respondents said that they believe the U.S. Securities and Exchange Commission will eventually approve the Bitcoin ETF. And that, in turn, will increase the value of bitcoin, making it more accessible to institutional investors.
Among the altcoins that respondents consider the most promising, Cardano (ADA) was most often named - about 55% expressed confidence in it. In second place was Dogecoin (DOGE) (11%), followed by Chainlink (LINK) (6%) and Polkadot (DOT) (6%).
Voyager Digital CEO Steve Ehrlich noted that the survey results show that most investors view the recent market decline as a buying opportunity, rather than as a portent of the industry's collapse.
This position seems reasonable. Especially given the consolidation phase between the levels of 28,392.99 and 41,980.24, where investors are likely to gradually gain positions. It seems that it will continue. At any rate, yesterday's momentum was not enough even to reach the strong resistance of 41,980.24.
Against this background, the expected scenarios have not changed yet. A strong bullish signal will be a breakdown of the level of 41980.24 and consolidation above it. This requires a strong driver, and then, most likely, you will not be able to take it at one time.
An alternative scenario is a downward reversal from 41,980.24 with a medium-term prospect of a decline to 28,392.99. And locally, the nearest support level remains at 38,610.88, broken yesterday, marked with a red dotted line.
The third, intermediate scenario of uncertainty now remains the psychological level of $40,000 per coin. It is possible that now it is the struggle for this level that is occupying the market, and its passage or, conversely, the impossibility of overcoming it, will give a hint of a further scenario.
