In a recent CNBC survey of a group of portfolio managers and equity strategists, only 6% of respondents expect Bitcoin (BTC) to reach $60,000 in 2021. A large portion, 44% of the participants, predict Bitcoin to remain below $30,000 this year. From the remaining, 25% expect the recovery to reach $45,000 and the rest 25% anticipate a move to $55,000.
This suggests that the sentiment remains negative. However, the recent Chinese crackdown on crypto miners or the regulatory actions have failed to trigger the next leg of the downtrend in Bitcoin. This indicates that smart money is not panicking but bottom fishing on dips.
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