Bitget Study: 84% Investors Predict BTC Reaching New High in Next Bull, 70% Plan to Increase 2024 Investments
VICTORIA, Seychelles, Feb. 1, 2024 /PRNewswire/ -- Bitget, the world's leading cryptocurrency exchange and Web3 company, has released a comprehensive study focusing on the upcoming Bitcoin halving in April 2024 and its impact on investment decisions. This survey, conducted across a diverse global demographic, offers an outlook into crypto investors' mindset and how they predict the market will change after the halving.
The study engaged a broad range of participants from West Europe, East Europe, South East Asia, East Asia, MENA, and Latin America regions, totaling 9,748 individuals. The methodology involved analyzing anonymized data, focusing on how investors perceive the Bitcoin halving and how their investment decisions are set to change based on it.
Bitget Study Highlights:
- 84% of participants anticipate in the next bull run BTC will surpass the previous bull market's all-time high of $69,000, and almost all other regions exceed 80%, except East Europe.
- Globally, more than half of the respondents predict Bitcoin prices during the halving (around April 2024) to range between $30k and $60k, while 30% of them believe the price would break $60,000.
- Approximately 70% of respondents express plans to increase crypto investments with higher proportions in MENA and East Europe indicating a stronger inclination to increase investments.
- The data suggests a "short-term cautious, long-term optimistic" sentiment among Western European investors.
Nearly 84% of the surveyed investors believe that Bitcoin halving will have a positive impact on the crypto market, pushing Bitcoin beyond its all-time high of $69k. This sentiment is particularly strong in Latin America, East Asia, and South East Asia markets. In contrast, European regions show more conservative expectations.
Predictions for Bitcoin's price during the halving around April 2024 present a diverse picture. While many investors globally anticipate a range between $30,000 and $60,000, around 30% of respondents expect the price to exceed $60,000, with heightened optimism in markets like Latin America.
Looking beyond the halving, investors strongly believe that Bitcoin will surpass its previous ATH in the next bull run, with even the most cautious regions showing substantial optimism for the cryptocurrency's future. This outlook is underpinned by a mix of short-term caution and long-term confidence, especially evident in some European markets.
Regarding all-time-high (ATH) price predictions for the next bull market, a majority (55%) foresee the Bitcoin price stabilizing between $50k and $100k, while a smaller yet significant segment is more bullish, expecting it to soar above $150,000. This optimism is particularly pronounced in West Europe, a region relatively conservative during the halving period, where over 51% of investors predict the next high to exceed $100,000.
The study also reveals interesting trends in investment intentions for 2024. Roughly 70% of participants across the surveyed regions express a clear intention to increase their crypto investments, indicating a robust confidence in the crypto market's potential. This trend is especially strong in regions like MENA and East Europe, where a higher propensity to increase investment levels is observed. In contrast, South East Asia and East Asia present a more mixed investment outlook and lean towards maintaining current investment levels.
Bitget Managing Director Gracy Chen commented: "The Bitget Study on BTC halving impacts provides valuable insights into the evolving landscape of cryptocurrency investment. The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the Bitcoin market."
"We are pleased to see such positive sentiment emerging as market conditions continue recovering. At Bitget, we firmly believe in Bitcoin's potential to establish itself as a truly global store of value. As a leading exchange, we aim to play our part in contributing to the growth and development of the Bitcoin ecosystem through innovative product offerings, educational resources, and unwavering support of the community. The road ahead remains bright, and we look forward to empowering more investors and institutions alike to participate in Bitcoin's ongoing success story," Gracy added.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
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