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FEB 7, 2024

Positive market sentiment ahead of Bitcoin halving

by CoinNess Global

Seychelles-incorporated crypto exchange platform Bitget recently released findings from a study on Bitcoin’s upcoming halving, revealing that the vast majority of surveyed investors predict bitcoin will achieve a new all-time high (ATH) in 2024. Separately, other market commentators and analysts appear to be bullish on bitcoin ahead of the scheduled cut in Bitcoin mining rewards.

84% anticipate new bitcoin ATH

The study, based on anonymized data from 9,748 participants worldwide, focused on investor perceptions surrounding the halving’s impact on their investment decisions.
84% of participants anticipate a new ATH for bitcoin during the next bull run, with only East Europe showing a percentage lower than 80%. Over 50% predict bitcoin’s price to be between $30,000 and $60,000 by the time the halving occurs in April. Meanwhile, 30% foresee the bitcoin unit price going higher than $60,000.
Off the back of the data that has arisen via the study, Bitget managing director Gracy Chen suggested that it is indicative that 2024 will be a significant year for the bitcoin market.

Crypto investment plans

Approximately 70% express plans to increase their crypto investments, with the highest conviction in the Middle East and North Africa (MENA) and East Europe regions. Western European investors are characterized as “short-term cautious” and “long-term optimistic.”
In addition to the Bitget study, many market commentators appear to have arrived at a similar conclusion. In July of last year, Standard Chartered Bank forecasted a 2024 unit price for bitcoin of $120,000. The bank reaffirmed that view last month, going further still in stating that by 2025, it expected bitcoin to reach a price of $200,000, largely due to capital inflows into spot bitcoin exchange-traded funds (ETFs), which were approved in the United States in January.

Broader market sentiment

Taking to social media on Monday, crypto analyst Charles Edwards of Capriole Investments proposed a potential 500% price return for bitcoin if a bullish halving pattern plays out. Edwards envisions bitcoin reaching $280,000 in 2025. Like Standard Chartered, he cites the January bitcoin ETF launch as the driving force, likening it to a “second halving.” He argues that major technological developments have historically seen quicker rates of adoption.
Crypto trading analyst Michaël van de Poppe predicts a pre-halving surge to $48,000 and an eventual breakout toward an all-time high in Q3/Q4 of 2024. The next Bitcoin halving is expected in April 2024, historically associated with increased scarcity and subsequent price surges.
Pseudonymous macroeconomist @Micro2Macr0 took to the X social media platform on Monday, stating:
“Only 2.5 months till the #Bitcoin #Halving. The world is getting more unstable and you have the greatest hedge ever invented sitting in front of you. What are you waiting for?”
Meanwhile, “British HODL” warned that recent developments may result in a break from previous trading patterns. He stated:
“Everyone says 12 months after the halving the shock starts for #Bitcoin price. . . . I think there is a high likelihood that the ETF’s change the cycle you’re expecting. Be aware of that.”
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