A current survey carried out by Bitget has make clear traders’ optimistic outlook in direction of the upcoming Bitcoin (BTC) halving event scheduled for April 2024. Notably, the survey signifies that the majority respondents anticipate Bitcoin surpassing its all-time excessive (ATH) of $69,000 throughout the subsequent bull run.
The research additionally highlights various predictions for Bitcoin’s value throughout the halving and offers insights into funding intentions throughout completely different areas.
Bullish Sentiment Soars
In line with 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 robust in Latin America, East Asia, and South East Asia. Nonetheless, European areas exhibit extra conservative expectations.
The survey reveals various predictions for Bitcoin’s value throughout the halving. Whereas greater than half of the respondents anticipate a value vary between $30,000 and $60,000, round 30% imagine that BTC’s price 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 strong confidence within the potential of the crypto market.
The research 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 combined investment outlook.
The survey reveals fascinating regional variations in sentiment and expectations. Western European traders exhibit a “short-term cautious, long-term optimistic” sentiment, whereas Western Europe reveals a comparatively conservative outlook throughout the halving interval.
Gracy Chen, Managing Director of Bitget, emphasizes the importance of the survey ends in understanding the evolving panorama of cryptocurrency funding, stating:
We’re happy to see such constructive sentiment rising as market situations proceed recovering. At Bitget, we firmly imagine in Bitcoin’s potential to ascertain itself as a very international retailer of worth.
Bitcoin Halving Cycles
Famend crypto analyst Rekt Capital has delved into the historic patterns surrounding Bitcoin halving occasions, shedding gentle 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 offered enticing alternatives for traders, as deeper retraces are inclined to generate wonderful returns within the months following the halving.
- Pre-Halving Rally:
In line with 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 section can final for a number of weeks, main some traders to query whether or not the halving will act as a bullish catalyst for Bitcoin’s value.
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 section, Bitcoin experiences consolidation as traders reposition and accumulate extra belongings.
- Parabolic Uptrend:
As soon as Bitcoin breaks out of the re-accumulation section, it enters a parabolic uptrend characterised by accelerated progress and a journey towards new all-time highs. This section represents the fruits of the halving cycle, the place Bitcoin’s value experiences vital upward momentum.
Featured picture from Shutterstock, chart from TradingView.com
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