sharply diverged expectations for bitcoin

[manul888]

It's no wonder that expectations for Bitcoin vary sharply according to regions around the world, right? This is a survey conducted by an Korean exchange called Dove Wallet at the beginning of this year, and I want to share it with interest.

https://medium.com/dovewallet-en/53-said-bitcoin-price-will-drop-below-20k-in-2021-39bdf6db9eac

[isaac_clarke22]

Hello, manul888.
Please move this thread to Bitcoin Discussion section, as this isn't related to the forum itself.

[Darker45]

A couple of things:

1. When this survey was conducted, I think Bitcoin's price was only a little more than $20,000 or probably even less since this article was only published in December 31, 2020. Since then, Bitcoin had almost tripled its price reaching an all time high record of almost $62,000. Moreover, since then, Tesla had bought Bitcoin and started accepting the currency as payment, Visa started accepting crypto as payment settlement, PayPal allowed users to purchase using Bitcoin, and so on. I am more than sure that the very same respondents would be having a very different answer if asked the same question now.

2. I don't know how the survey or analysis was conducted. What I'm sure of is that it was poorly done. As a matter of fact, the writer of the article is not a different entity. It is Dove Wallet itself. And the title says 53% said ‘Bitcoin price will drop below $20K in 2021’ while the official findings indicated within the same article says "53% of respondents said it would be $20,000 or less." A serious researcher does not commit this cheap error.

[seoincorporation]

Bitcoin should have a crazy drop at some point. It can't always go up. And some early adopters will want to sell at some point, so, if a guy comes with 10,000 btc to sell them, for sure that will crash the markets.

The issue here is... we don't know when it will happen, and how deep will be the crash. Only time will show us the truth.

[Fesatmas]

Bitcoin should have a crazy drop at some point. It can't always go up. And some early adopters will want to sell at some point, so, if a guy comes with 10,000 btc to sell them, for sure that will crash the markets.

The issue here is... we don't know when it will happen, and how deep will be the crash. Only time will show us the truth.

yes although do not know when a drastic decline will occur or rather a collapse in prices. but hopefully this doesn't turn out too badly. because we always don't want to be at the point where the bitcoin price falls, because that causes many to make an excuse or an attack that makes other crypto industries even more destroyed.

[bobyhodob]

the higher the price of bitcoin, the more demand it is, not many people want to enter when the price is still cheap because they don't trust bitcoin

[mk4]

There has always been bullishness from the masses since forever. Every time bitcoin does a spike up in price, the masses always think that it's the top, and that it will inevitably crash. That, and that a lot of them are just jelly and are waiting for a crash to buy lol.

[avikz]

Bitcoin should have a crazy drop at some point. It can't always go up. And some early adopters will want to sell at some point, so, if a guy comes with 10,000 btc to sell them, for sure that will crash the markets.

The issue here is... we don't know when it will happen, and how deep will be the crash. Only time will show us the truth.

Very much so! People who are entering at this market, may face a big erosion of their investment when the market will correct. As you correctly pointed out, we don't know when it will happen so we need to be very very cautious before investing our hard earned money into this super high market.

Problem is that people suffer from FOMO phobia. So this is what makes some people enter into this market and loose their investment. In the meantime, it's wise to continue with swing trading. Buy at low and sell at high!

[Expecto]

I suppose many people would like to see Bitcoin price dropping to a value between 10-20k dollars again to accumulate some.    And it is also seen very clearly in the table on that link also. To be honest, I'd be very glad to see it also to buy more and HODL it. But I don't mean that buying now is not sensible. I think buying BTC at whatever price is sensible as the main goal is to HODL and make a good profit in the long run.

[sunsilk]

I suppose many people would like to see Bitcoin price dropping to a value between 10-20k dollars again to accumulate some.    

The same feeling when bitcoin was striving to break $10k and people would tell that they'll just wait again for bitcoin to hit another $3k because they've missed the first time that it had decreased to that price. Like what everyone is saying on this bull run, it's very different from the past and the bottom is going to be different too.

Many will be buying in a glance if bitcoin hits back those prices and there's no doubt about it. But the thing is if we're still going to see those prices?

And it is also seen very clearly in the table on that link also. To be honest, I'd be very glad to see it also to buy more and HODL it. But I don't mean that buying now is not sensible. I think buying BTC at whatever price is sensible as the main goal is to HODL and make a good profit in the long run.

As long as you find it a good price to buy, any price will do and to add more with the bitcoins that you hold.

[Bilgent]

It has made me really surprised to see that only 17 percent of all people think that Bitcoin price will be worth above $50k in this year. Because I think the price could even reach
$100k in this year as the bull run still goes on. And I'm sure that there are many people who are thinking like that on the forum.

[maxreish]

And that medium speculated bitcoin at $20k level at 2021 but then bitcoin is showing the opposite thing and still gaining its strength above $50k.
If ever it has correction, it will just pull back below $40,000. However if thay happens if ever, we may accumulate more bitcoin and that will surely be the opporunity to buy.

[isaac_clarke22]

Bitcoin should have a crazy drop at some point. It can't always go up. And some early adopters will want to sell at some point, so, if a guy comes with 10,000 btc to sell them, for sure that will crash the markets.

The issue here is... we don't know when it will happen, and how deep will be the crash. Only time will show us the truth.

I'd agree with that, but surely even if it can't always go up there should be at least a solid floor for Bitcoin to plummet and never go below that price.
I remember like in 2018 when Bitcoin was solidfying around 7k and it went like that for a lot of month before it crashed further.

[Oasisman]

53% of 2,373 respondents isn't reliable enough for such expectations/prediction of the next Bitcoin price action. Besides, they don't have enough proof to back up these data they have presented. So, this is the reason why these 53% of respondents failed with their below $20,000 prediction for Bitcoin price in 2021.
I don't usually believe in these surveys especially that there were only a small number of respondents. Though this might affect the market sentiments, but no I just don't want to follow surveys lol.

[davis196]

It's no wonder that expectations for Bitcoin vary sharply according to regions around the world, right? This is a survey conducted by an Korean exchange called Dove Wallet at the beginning of this year, and I want to share it with interest.

https://medium.com/dovewallet-en/53-said-bitcoin-price-will-drop-below-20k-in-2021-39bdf6db9eac

At end of the day,this is just people's opinions.Just because many people think that something will happen,that doesn't mean that it will happen.
The Bitcoin price will go thru new price crashes and new ATHs,this is completely normal for a volatile asset like BTC.
I don't think that people's expectations about Bitcoin vary sharply "according to regions".I think that they vary sharply based on demographics,not regions.Young and more tech savvy people are more optimistic about BTC,while the seniors are very skeptical or think that BTC is a scam.

[NeuroticFish]

All I can say that the survey shows people's expectations rather cautious. Anything else is weak speculation.

1. There are too few people answering to the survey to actually matter the region/country and such.
2. Since I expect that the survey was made before December 2020, hence at under $20k/BTC, I think that people were not expecting to rise so high so fast. Keep in mind that most of 2020 the price was under 13k.

So somebody made a poor survey, long enough so the results are irrelevant now, and twisted the results to make a clickbait article. Wow.



PS. In January 2020, at under 7200$, what expected price would have you been writing down in such a survey?