...it is hard for someone who bought BTC at $10k to be prepared...

...it is hard for someone who bought BTC at $10k to be prepared to sell at $20k when they could have sold at $60+k. Psychologically it is hard, the loss from an earlier large gain has made one think there is no point selling even though there could be another 50% fall in the offing.
At this point, such an investor would typically regret the big loss in gains and want to stay in denial. We saw that happen with BIG, GSW, BUD , ISX and many more. They would rather go all the way preparing to lose it all , at least they felt they still have hope of recovering if they stayed on.
Unless regulation and a larger implosion in the crypto industry destroys BTC, we should expect BTC to make a comeback but probably not for another 4-5 years in a big way. But in the interim, even while waiting, more value destruction could well be on the cards.
I certainly won't want to lose another 50pc if I can avoid it, but I always believed never to put oneself in that situation in the first place. I cautioned on BTC when it was falling over from $60+k, that was when it was still trading at $50k/

....the big lesson is that we should always Respect a Large Gain...take it before it is gone forever. Life changing gains do not come often.
Bitcoin Is More Likely to Hit $10,000 Than $30,000, Survey Finds

• A majority sees Bitcoin tumbling to $10,000 in MLIV survey
• Retail investors are more bearish on crypto than professionals

By
Emily Nicolle and
Isabelle Lee
July 11, 2022 at 9:30 AM GMT+10


Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse.
The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey. Forty percent saw it going the other way. It was around $21,850 late Friday afternoon, ending the week up over 12%.
Big Drop

Investors think Bitcoin is heading lower
Source: MLIV Pulse Survey running July 5th to 8th.
Respondents were asked: "Which level will Bitcoin trade at first? $10k or $30k"
The lopsided prediction underscores how bearish investors have become. The crypto industry has been rocked by troubled lenders, collapsed currencies, and an end to the easy money policies of the pandemic that fueled a speculative frenzy in financial markets.


Some $2 trillion has vanished from the market value of cryptocurrencies since late last year, according to data compiled by CoinGecko.

Retail investors were more apprehensive about cryptocurrencies than their institutional counterparts, with almost a quarter declaring the asset class to be garbage. Professional investors were more open-minded toward digital assets.


But overall, this sector remains a polarizing one: while some 28% of the overall respondents expressed strong confidence that cryptocurrencies are the future of finance, 20% said they’re worthless.
Crypto Anxious

Most respondents were at least slightly skeptical about cryptocurrencies
Source: MLIV Pulse Survey running July 5th to 8th. Respondents were asked: "In relation to cryptocurrencies, which of the below best describes your attitude"

Bitcoin has already lost more than two-thirds of its value since hitting nearly $69,000 in November and hasn’t traded as low as $10,000 since September 2020.

“It’s very easy to be fearful right now, not only in crypto, but generally in the world,” said Jared Madfes, partner at Tribe Capital, a venture capital firm. He said the expectations for a further drop in Bitcoin reflect “people’s inherent fear in the market.”

The crypto crash is likely to put further pressures on governments to step up regulations of the industry. Such supervision is seen as positive by majority of respondents, since it could improve confidence and lead to broader acceptance among institutional and retail investors.

Government intervention will also probably be welcomed by consumers burned by the collapse of so-called stablecoin TerraUSD and troubled middlemen like Celsius Network and broker Voyager Digital Ltd.

Central banks are also considering developing their own digital currencies for use in digital payments.

But neither the recent price drops -- nor the potential challenge from central banks -- are expected to significantly upend the industry by dethroning the two dominant tokens, Bitcoin and Ether. A majority of respondents anticipate that one of those two will remain a driving force in five years even while a significant share sees central bank digital currencies taking on a key role.
“Bitcoin still is powering large parts of the cryptoverse, while Ethereum is losing its lead,” said Ed Moya, senior market analyst at Oanda Corp., a foreign-exchange broker.
There was a broader consensus about one corner of the market: Nonfungible tokens. NFTs became famous for attraction valuations in the millions of dollars for pictures of monkeys during the height of the crypto boom. But the overwhelming majority of those surveyed consider them to be just art projects or status symbols, with only 9% seeing them as an investment opportunity.

Moreover, those hunting for the next asset-price bubble may do well to look elsewhere, since speculative manias rarely strike the same asset class twice. Ultimately, the next big run-up is expected by most respondents to be entirely unrelated to cryptocurrencies, with NFTs, the next generation of the internet known as web3 and other blockchain developments seen as having low chances of setting off the next frenzy.
“The next financial bubble is always something different than the last bubble, so the majority is absolutely right on this one,” said Matt Maley, chief market strategist at Miller Tabak + Co.