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The majority of voters in a recent poll believes there’s more pain ahead for bitcoin. But, that could be a blessing in disguise.
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Summarize with AI
Summarize with AI
The past several months have been a consistent struggle for the primary cryptocurrency, which traded above $126,000 in early October – not that long ago.
However, it was rejected there, and the October 10 crash that wiped out over $19 billion in leveraged positions started something that it seems hasn’t ended yet. Although bitcoin didn’t collapse below $100,000 at the time, it did so in November and hasn’t been within a six-digit price territory ever since.
It ended 2025 in the red, making it the first post-halving year to do so. Although it started 2026 on the right foot and neared $100,000 by the middle of January, it faltered there, and the subsequent rejection was more than just a healthy correction.
In the span of just a few weeks, the cryptocurrency plunged by almost $40,000 and dumped to $60,000 on February 6. This meant that the asset had crashed by more than 50% since its October all-time high.
Although this is a massive price calamity that brought down the entire market and the overall sentiment with it, especially in times when other financial industries were thriving, most people in a recent survey voted that the bottom is not actually in.
A poll by Ali Martinez shows that only 22.7% of the voters responded that $60,000 was the lowest BTC will ever go in this market cycle. The answer with the most votes – 30.4% – was actually $38,000, which, given bitcoin’s price of $70,000 now, would mean another near-50% crash.
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Some recent reports agree with the aforementioned results, indicating that the overall market structure has fundamentally changed and the bears are now in control. Analysts are split on trying to determine whether the bottom lies, but most believe it could be somewhere around $50,000.
On the other hand, Warren Buffett has repeatedly reasserted that investors should be greedy when others are fearful, and vice versa. Additionally, the analytics company Santiment has frequently noted that BTC typically moves in the opposite direction of the crowd’s expectations, so there might be a surprise rally hidden somewhere in this pile of fear.
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Source: https://cryptopotato.com/did-bitcoin-bottom-at-60k-poll-results-say-otherwise/
