According to Bloomberg’s latest MLIV Pulse survey, 60% of the 950 surveyed investors expect bitcoin to post another drop of around 45% to reach $10K. But the remaining 40% think bitcoin could soon go back above the $30,000 important psychological support level.
BTC’s price performance in recent months has mirrored traditional stocks amid surging macroeconomic uncertainty. Since the U.S. Federal Reserve pledged to raise interest rates and enact quantitative tightening measures to tame the skyrocketing inflation, crypto and global markets have suffered from multiple notable sell-offs.
Bitcoin has already shed over 70% from its picotop of $69,044 recorded in November 2021. Speaking to Bloomberg, Tribe Capital’s Jared Madfes noted that “it’s very easy to be fearful right now, not only in crypto but generally in the world,” adding that the expectations for another significant bitcoin retracement reflect “people’s inherent fear in the market.”
If the results of the survey are anything to go by, bitcoin may be on the verge of another nauseating meltdown. The global chief investment officer at Guggenheim Partners, Scott Minerd shares the same opinion. Minerd previously predicted that bitcoin would hit $8,000 before a market bottom is found.
The market will continue to spend its time in a bear market throughout the bottom.
However, there are still some holders in the market who took advantage of this plunge to earn more than a 2000% return. How did they make it? If you want to know the answer, then you have to understand one of the most popular investment methods at present: 100 times leveraged futures trading cryptocurrency.
The traditional spot can only buy up and wait for the rise to make a profit. With 100 times leveraged futures trading, you can either buy up (go long) or sell down (go short), which means that you can take profits whether the market rises or falls. What’s more, you have 100 times leverage to magnify your profits.
With 100x leverage applied, traders can invest 1 BTC to open a position worth 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down). If we use 1 BTC to open a short perpetual contract at the price of $22,000 and close it when Bitcoin is trading at $17,000, our profit will be ($22,000- $17,000) * 100 BTC / $17,000 ≈ 29.41 BTC, making the ROI of 2275%.
According to the data provided by Bitwells, on June 18, 2022, more than 3,000 traders in the exchange made profits in the plunge, the highest ROI was 1366%, and the average ROI of the top 100 traders was 489%
Bitwells is a leading crypto derivatives trading platform offering 100x leverage futures trading on various trading pairs: BTC, ETH, LTC, EOS, XRP, etc. Bitwells doesn’t require KYC and is popular among over 300K traders from 200+ countries/regions. In addition, the platform is safe for being accredited by U.S. FinCEN MSB (Money Services Business).
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