Regardless of the latest 50% market decline, traders are nonetheless bullish on Bitcoin and different cryptocurrencies, based on a survey.
Given the wild volatility within the worth of the cryptocurrency and the controversy surrounding its polluting vitality consumption, Bitcoin investor Tim Draper is sticking to his prediction that Bitcoin will hit $ 250,000 by late 2022 or early 2023.
Withdrawal of cash
Though the market stays unsure, many cash have rallied considerably. Even so, 87 p.c of respondents mentioned they wished to extend their crypto holdings within the coming quarter, up from 80 p.c within the earlier quarter. By the top of the third quarter of 2021, 39% of respondents mentioned the value of Bitcoin would fall between $ 56,000 and $ 70,000, whereas 28% have been forecasting a worth between $ 41,000 and $ 55,000.
The proportion of people that thought Bitcoin will hit $ 71,000 was 18 p.c, up from 20% within the earlier ballot. Notably, greater than 9 in ten respondents consider the U.S. Securities and Change Fee would ultimately approve a Bitcoin ETF, an exchange-traded fund that proponents say will add worth to Bitcoin by investing in institutional investments is uncovered.
Cardano (ADA) was the preferred altcoin amongst respondents who mentioned they have been probably the most optimistic. Cardano (ADA) was voted probably the most optimistic altcoin by 55 p.c of these surveyed, adopted by Dogecoin (DOGE) (11%) and Chainlink (LINK) (6%). Polkadot (DOT) was voted the least bullish altcoin by 6 p.c of respondents (6 p.c).
Even supposing Bitcoin (BTC) and the broader cryptocurrency market have seen one of many largest slumps within the latest previous, traders appear extra optimistic than ever about Bitcoin and various future prospects for Altcoins.
In line with a survey of three,671 high-frequency merchants on the Voyager platform carried out by crypto firm Voyager Digital within the second quarter of this 12 months. Regardless of the sharp drop in costs in April and Might, when Bitcoin and different cryptocurrencies misplaced greater than half of their worth, the survey confirmed that 81 p.c of respondents are extra optimistic about the way forward for cryptocurrency.
Steve Ehrlich, CEO of Voyager Digital, mentioned we discovered that 87 p.c of traders plan to extend their crypto holdings within the coming quarter, a considerably larger charge than within the final survey we carried out in April.