The upcoming fourth Bitcoin halving is fueling optimism among cryptocurrency investors, with a recent market study involving nearly 10,000 participants pointing towards expectations of new all-time highs for the leading cryptocurrency. The survey by cryptocurrency exchange Bitget focused on gauging investor sentiment and anticipation surrounding Bitcoin’s next mining reward halving.
Regional Perspectives on Bitcoin’s Bull Run
Data from the study reveals key insights and methodology. The survey aimed to capture a representative sample of cryptocurrency investors globally, covering diverse demographics from Western and Eastern Europe, South and Southeast Asia, the Middle East and Northern Africa, as well as Latin American regions.
Between November and December 2023, 9,748 individuals took part in the study, with their data anonymized for analysis purposes. An overwhelming 84% of participants believed that Bitcoin would surpass its all-time high of $69,000 reached during the 2021 bull market. Interestingly, respondents from Eastern Europe appeared less bullish at a regional level, with 75% anticipating BTC’s potential to exceed its previous record.
Investors from Western European countries exhibited the highest level of optimism regarding BTC’s future price, with 41% expecting the cryptocurrency to surpass the $100,000 mark. However, the report notes a nuanced stance among Western European investors, suggesting they may be “short-term cautious, long-term optimistic,” as some don’t believe the Bitcoin halving will trigger a new bull market.
Conversely, respondents from Latin America, East Asia, and Southeast Asia displayed strong confidence in the impact of the Bitcoin halving on BTC’s price. A significant 84%, 82%, and 81% from these regions, respectively, anticipate a substantial influence from the mining reward halving.
In a recent interview on January 30, Bitcoin advocate Paul Sztorc offered a dissenting perspective on the impact of halving. Sztorc suggested that the event would serve as a litmus test for the mining industry, with rewards dropping while the hash rate and mining difficulty reach new highs. He indicated that the initial impact on Bitcoin’s price might not be as dramatic as some commentators predict.
In December 2023, fellow BTC proponent and cryptographer Adam Back shared a similar sentiment, forecasting that the next Bitcoin peak might materialize 18 months after the upcoming halving. Prominent mining companies have also weighed in on the anticipated impact of the halving on their operations, emphasizing the need for high efficiency to remain profitable.
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