Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.
This week, we posed the following questions to over 1,000 Benzinga visitors on cryptocurrency investing:
Do you think Bitcoin is heading below $30,000 by the end of March?
- Yes, Bitcoin will fall below $30,000 by the end of March: 38.8%
- No, Bitcoin won’t fall below $30,000 by the end of March: 61.2%
Do you think Ethereum is heading below $2,000 by the end of March?
- Yes, Ethereum will fall below $2,000 by the end of March: 40.9%
- No, Ethereum won’t fall below $2,000 by the end of March: 59.1%
Do you think Dogecoin is heading below $0.10 by the end of March?
- Yes, Dogecoin will fall below $0.10 by the end of March: 34.6%
- No, Dogecoin won’t fall below $0.10 by the end of March: 65.4%
Apex cryptocurrency Bitcoin (CRYPTO: BTC) is trading lower by 19.7% to $38,350 on a year-to-date basis. The world’s most popular digital currency is trading off its 200-day simple moving average (SMA) of $45,570 by 15.8%.
For the uninitiated, the 200-day SMA serves as a way for traders and investors to identify whether a cryptocurrency or equity is in a bull or bear market.
The SMA ranks as one of the easiest-to-compute technical indicators. This popular indicator levels out price data and can help you better identify market trends.
The SMA can even provide objective signals that can assist you in selecting market entry and exit points as a trader or investor.
Ethereum (CRYPTO: ETH) is trading lower by 27.5% on a year-to-date basis at $2,650. Ethereum is off its 200-day SMA of $3,224 by roughly 17.8%. Ethereum has not seen the $2,000 price level since July 2021.
Dogecoin (CRYPTO: DOGE) has fallen around 21% from $0.17 to $0.14 since the beginning of the year. Dogecoin is off its 200-day SMA of $0.21 by 33.3%.
This survey was conducted by Benzinga in February 2022 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.