In a field this crowded, entering the race in the high single digits wouldn’t even necessarily be a bad thing, but the problem is that it might be harder for Bloomberg to build on that support than it would be for other candidates. In an average of polls from January and early February, I found that 62 percent of Democrats knew enough about Bloomberg to form an opinion (which was pretty high), but his net favorability (favorable rating minus unfavorable rating) was only +11 (which was pretty low). As you can see in the chart below, Bloomberg was a real outlier — for as well known as he is, we would have expected him to be much better-liked, with a net favorability of about +35, not +11.
And history suggests Bloomberg’s low favorability ratings would be a major obstacle to winning the nomination. Our past research indicates that people who win presidential primaries tend to either be (a) already well known and well liked or (b) relative unknowns to start off the campaign. Only one nominee since at least 1980 has been in Bloomberg’s position (well known but not well liked), and that’s Trump himself.