The bitcoin price has this week climbed back over the psychological $20,000 per bitcoin level despite crypto billionaire Sam Bankman-Fried issuing a serious warning.
Now, survey data has revealed the average cryptocurrency user expects the bitcoin price to bounce to around $38,000 over the next six months.
According to a study of about 4,400 U.S. adults done by intelligence firm Morning Consult, crypto owners are extremely hopeful about a bitcoin return despite the recent price fall. They anticipate the cryptocurrency will reach $38,000 before the end of 2022.
According to the survey, those who own bitcoin and other cryptocurrencies are significantly more optimistic than the general public, regularly projecting that the price of bitcoin would rise.
Even when a devastating crypto meltdown wiped out around $2 trillion in value from the entire crypto market, many bitcoin and crypto investors continued to expect higher bitcoin prices.
Earlier this week, former stockbroker Jordan Belfort, whose financial crimes through the 1990s inspired the movie The Wolf of Wall Street, predicted the bitcoin price will “almost certainly” climb over the next three to five years.
“Cryptocurrency owners’ optimism may well prove to be misplaced as we enter what the CEO of Coinbase recently described as a ‘crypto winter,'” Morning Consult analysts wrote. “As the price of bitcoin tumbles, many owners may well reconsider their positions.”
Last month, Brian Armstrong, the chief executive of major bitcoin and crypto exchange Coinbase, warned a looming global recession could exacerbate a prolonged crypto price downturn.
“We appear to be entering a recession after a 10-plus year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong wrote in a June email to Coinbase staff. “While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”
The researchers also warned that if those that have been holding bitcoin for at least three years sell it could “incentivize” others to cash out, further pushing down the price.
“Those that have been invested for at least three years will still be in the black if they choose to sell at the current low price, and increasing volatility may incentivize others to consider cashing out moving forward,” the analysts added.