A recent survey conducted by Bitget has shed light on investors’ optimistic outlook on the upcoming Bitcoin (BTC). Halving event scheduled for April 2024. Notably, the survey shows that most respondents expect Bitcoin to surpass its all-time high (ATH) of $69,000 during the next bull run.
The study also highlights different Bitcoin price predictions during the halving and provides insights into investment intentions in different regions.
Bullish sentiment is rising
According to the Opinion pollAn overwhelming 84% of respondents worldwide expect Bitcoin to surpass its previous high of $69,000 in the next bull market. This sentiment is particularly strong in Latin America, East Asia and Southeast Asia. However, European regions show more conservative expectations.
The survey reveals different predictions for Bitcoin price during the halving. While more than half of those surveyed expect a price range between $30,000 and $60,000, around 30% believe that The price of BTC will exceed $60,000. Optimism is particularly pronounced in markets such as Latin America.
Additionally, around 70% of respondents expressed plans to increase their crypto investments, showing strong confidence in the potential of the crypto market.
The study highlights a stronger trend to increase investment in regions such as the Middle East/North Africa (MENA) and Eastern Europe. In contrast, Southeast and East Asia are more patchy Investment prospects.
The survey shows interesting regional differences in sentiment and expectations. Western European investors show a “short-term cautious, long-term optimistic” sentiment, while Western Europe shows a relatively conservative outlook during the halving phase.
Gracy Chen, CEO of Bitget, emphasizes the importance of the survey results in understanding the evolving cryptocurrency investment landscape, stating:
We are pleased to see increasing positive sentiment as market conditions continue to recover. At Bitget, we strongly believe in Bitcoin's potential to establish itself as a truly global store of value.
Bitcoin Halving Cycles
Renowned crypto analyst Rekt Capital has looked at the historical patterns surrounding Bitcoin halving events and shed light on the five phases that typically occur.
- Period before halving:
The Pre-halving The period refers to the approximately 77 days before the Bitcoin halving in April 2024. Historically, this period has presented attractive opportunities for investors as deeper retracements in the months following the halving tend to generate excellent returns. - Rally before halving:
According to Rekt, a pre-halving rally typically occurs around 60 days before the halving. Investors are “buying the hype” in anticipation of the halving, with the goal of “selling the news” and making profits. Short-term traders and speculators benefit from the hype-induced rally before selling their positions. The subsequent selling pressure contributes to a retracement known as the pre-halving retracement. - Retracement before halving:
The pre-halving retracement occurs a few weeks before the actual halving event. In 2016, this retracement reached a depth of -38%, while in 2020 it was -20%. Interestingly, Rekt emphasizes that this phase may last several weeks, leading some investors to question whether the halving will act as an upward catalyst for Bitcoin price.
- Reaccumulation:
Following the Retracement before halvingTypically there is a period of re-accumulation that lasts up to 150 days or about five months. During this phase, Bitcoin experiences consolidation as investors reposition themselves and accumulate more assets. - Parabolic uptrend:
Once Bitcoin breaks out of the reaccumulation phase, it enters a parabolic uptrend characterized by accelerated growth and the journey to new all-time highs. This phase represents the peak of the halving cycle, during which the price of Bitcoin experiences significant upward momentum.
The daily chart shows BTC price valuation at $42,800. Source: BTCUSDT on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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