Fourth Bitcoin Halving Fuels Global Speculation of Record-Breaking BTC Highs
Summary:
The upcoming fourth Bitcoin halving has raised expectations of new record highs for BTC, based on a study involving almost 10,000 cryptocurrency investors, conducted by Bitget. The study collected global investor sentiment towards the halving of Bitcoin's mining rewards, revealing that 84% of participants anticipate Bitcoin to surpass the 2021 bull market peak of $69,000. However, not all investors believe the Bitcoin halving itself will trigger a new bull market. The 'short-term cautious, long-term optimistic' mindset also emerged, especially among Western European speculators. In general, though, there was significant speculation throughout Latin America, East Asia, and Southeast Asia that the Bitcoin halving would heavily impact BTC prices.
The upcoming fourth Bitcoin halving has sparked speculation of record-breaking values for BTC, based on a research involving nearly 10,000 cryptocurrency enthusiasts. This study was executed by cryptocurrency market Bitget and aimed to understand the speculative sentiment associated with Bitcoin's upcoming halving of mining rewards. The key insights of this research were provided to Cointelegraph.
The research methodology was comprehensive, encompassing a diverse demographic of cryptocurrency investors worldwide - from both Western and Eastern Europe, South and Southeast Asia, MENA, and Latin America. A total of 9748 participants were part of the survey conducted between November and December 2023, with all data undergoing anonymization for evaluation.
84% of the participants forecasted that Bitcoin would exceed the bull market peak of $69,000 seen in 2021. However, respondents from Eastern Europe were comparatively less confident in this outcome, with 75% believing that BTC could surpass its previous record.
Bitcoin's price surge following a prolonged bear market cycle echoes investor positivity, according to Bitget's survey. Amongst Western European participants, there was high optimism regarding Bitcoin's next price surge, with 41% anticipating that BTC will breach the $100,000 mark.
However, the research suggested that these investors are somewhat tentative about the Bitcoin halving and its effect on BTC prices. This could suggest a 'short-term caution, long-term optimism' mindset amongst Western European investors, who are divided on the notion of the Bitcoin halving initiating a new bull market.
A considerable proportion of participants from Latin America, East Asia, and South East Asia expressed confident speculation that the Bitcoin halving would notably affect BTC prices. 84%, 82%, and 81% of respondents from these regions predict a significant impact owing to the halving of mining rewards.
Meanwhile, Bitcoin enthusiast Paul Sztorc, in a discussion with Cointelegraph on January 30, voiced a differing perspective on the effect of the Bitcoin halving. He proposed that the halving may act as an acid test for the mining sector specifically, as rewards decrease amidst soaring hash rates and mining difficulties.
Adam Back, a fellow Bitcoin proponent and cryptographer, conversed with Cointelegraph in December 2023, suggesting that the next Bitcoin surge may occur 18 months after the subsequent halving. Numerous prominent mining corporations revealed their detailed predictions about the halving's impact on their operations, highlighting the essentialness of efficiency to maintain profitability in Cointelegraph's 2024 New Year Specials.
Published At
1/31/2024 5:49:29 PM
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