A current survey carried out by Bitget has make clear buyers’ optimistic outlook in the direction of the upcoming Bitcoin (BTC) halving occasion scheduled for April 2024. Notably, the survey signifies that the majority respondents anticipate Bitcoin surpassing its all-time excessive (ATH) of $69,000 in the course of the subsequent bull run.
The examine additionally highlights numerous predictions for Bitcoin’s worth in the course of the halving and gives insights into funding intentions throughout completely different areas.
Bullish Sentiment Soars
In response to the survey, an awesome 84% of respondents globally predict Bitcoin will exceed its earlier ATH of $69,000 within the subsequent bull run. This sentiment is especially sturdy in Latin America, East Asia, and South East Asia. Nonetheless, European areas exhibit extra conservative expectations.
The survey reveals numerous predictions for Bitcoin’s worth in the course of the halving. Whereas greater than half of the respondents anticipate a worth vary between $30,000 and $60,000, round 30% consider that BTC’s worth will surpass $60,000. The optimism is very pronounced in markets like Latin America.
Furthermore, roughly 70% of respondents expressed plans to extend their crypto investments, indicating sturdy confidence within the potential of the crypto market.
The examine highlights a stronger inclination to extend investments in areas just like the Center East/North Africa (MENA) and East Europe. In distinction, South East and East Asia current a extra blended funding outlook.
The survey reveals attention-grabbing regional variations in sentiment and expectations. Western European buyers exhibit a “short-term cautious, long-term optimistic” sentiment, whereas Western Europe exhibits a comparatively conservative outlook in the course of the halving interval.
Gracy Chen, Managing Director of Bitget, emphasizes the importance of the survey leads to understanding the evolving panorama of cryptocurrency funding, stating:
We’re happy to see such optimistic sentiment rising as market circumstances proceed recovering. At Bitget, we firmly consider in Bitcoin’s potential to determine itself as a very world retailer of worth.
Bitcoin Halving Cycles
Famend crypto analyst Rekt Capital has delved into the historic patterns surrounding Bitcoin halving occasions, shedding mild on the usually occurring 5 phases.
- Pre-Halving Interval:
The pre-halving interval refers back to the roughly 77 days main as much as the Bitcoin halving occasion in April 2024. Traditionally, this era has introduced enticing alternatives for buyers, as deeper retraces are inclined to generate wonderful returns within the months following the halving. - Pre-Halving Rally:
In response to Rekt, a pre-halving rally usually happens roughly 60 days earlier than the halving. Traders “purchase the hype” in anticipation of the halving, aiming to “promote the information” and notice earnings. Quick-term merchants and speculators capitalize on the hype-driven rally earlier than promoting their positions. The following promoting strain contributes to a retrace generally known as the pre-halving retrace. - Pre-Halving Retrace:
The pre-halving retrace happens a few weeks earlier than the precise halving occasion. In 2016, this retrace reached a depth of -38%, whereas in 2020, it was -20%. Curiously, Rekt emphasizes that this part can final for a number of weeks, main some buyers to query whether or not the halving will act as a bullish catalyst for Bitcoin’s worth.
- Re-Accumulation:
Following the pre-halving retrace, a interval of re-accumulation usually takes place, lasting as much as 150 days or roughly 5 months. Throughout this part, Bitcoin experiences consolidation as buyers reposition and accumulate extra property. - Parabolic Uptrend:
As soon as Bitcoin breaks out of the re-accumulation part, it enters a parabolic uptrend characterised by accelerated progress and a journey towards new all-time highs. This part represents the end result of the halving cycle, the place Bitcoin’s worth experiences important upward momentum.
Featured picture from Shutterstock, chart from TradingView.com
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