Bitcoin

<p>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.</p><h2 id="header-0">84% anticipate new bitcoin ATH</h2><p>The <a href="https://www.bitget.com/blog/articles/bitget-study-bitcoin-halving-study-press-release" rel="noopener noreferrer nofollow">study</a>, based on anonymized data from 9,748 participants worldwide, focused on investor perceptions surrounding the halving’s impact on their investment decisions.</p><p>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.</p><p>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.</p><h2 id="header-1">Crypto investment plans</h2><p>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.”</p><p>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 <a href="https://www.reuters.com/technology/standard-chartered-bumps-up-bitcoin-forecast-120000-2023-07-10/" rel="noopener noreferrer nofollow">forecasted</a> a 2024 unit price for bitcoin of $120,000. The bank reaffirmed that view last month, going <a href="https://news.bitcoin.com/standard-chartered-btc-could-hit-200k-in-2025-with-spot-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">further still</a> 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.</p><h2 id="header-2">Broader market sentiment</h2><p>Taking to social media on Monday, crypto analyst Charles Edwards of Capriole Investments <a href="https://x.com/caprioleio/status/1754431779094601953?s&#61;20" rel="noopener noreferrer nofollow">proposed</a> 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.</p><p>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.</p><p>Pseudonymous macroeconomist &#64;Micro2Macr0 took to the X social media platform on Monday, <a href="https://x.com/Micro2Macr0/status/1754511782033645931?s&#61;20" rel="noopener noreferrer nofollow">stating</a>:</p><p>“Only 2.5 months till the <a href="https://twitter.com/hashtag/Bitcoin?src&#61;hashtag_click" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/hashtag/Halving?src&#61;hashtag_click" rel="noopener noreferrer nofollow">#Halving</a>. The world is getting more unstable and you have the greatest hedge ever invented sitting in front of you. What are you waiting for?”</p><p>Meanwhile, “British HODL” warned that recent developments may result in a break from previous trading patterns. He <a href="https://x.com/BritishHodl/status/1754496606135620041?s&#61;20" rel="noopener noreferrer nofollow">stated</a>:</p><p>“Everyone says 12 months after the halving the shock starts for <a href="https://twitter.com/hashtag/Bitcoin?src&#61;hashtag_click" rel="noopener noreferrer nofollow">#Bitcoin</a> price. . . . I think there is a high likelihood that the ETF’s change the cycle you’re expecting. Be aware of that.”</p>

Positive market sentiment ahead of Bitcoin halving

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