Most traders expect a new peak price for Bitcoin in 2020
A survey of Kraken’s VIP traders revealed that most expect Bitcoin’s price to hit record levels this year. A user survey by Kraken revealed that most traders expect Bitcoin (BTC) to break new highs by 2021.
The survey analyzed the responses of 400 “VIP” cryptocurrency traders at Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders” and 15% as “institutions”, with the remaining 4% made up of payment processors, cryptocurrency exchanges and miners.
84% of respondents manage less than USD 10 million in capital, while 11% manage between USD 10 million and USD 50 million. The remaining 6% is divided equally between traders who manage from USD 50 million to USD 100 million and traders who mobilize more than USD 100 million.
Traders expect BTC to set record peaks this year, not ETH
The survey found that the average BTC price target for 2020 was $ 22,866. However, traders do not expect Ethereum (ETH) to have new spikes as well, the average price target for ETH was set at $ 810.
Overall market sentiment is slightly bullish, with 44% of participants claiming that cryptocurrency markets are in a bull market, while 22% believe we are trending down and 34% say they are unsure.
There was little consensus among traders on what will accelerate the growth of cryptocurrencies in the next 12 months, and the main response was “adoption” with 19%. The next Bitcoin halving came in second with 15%, followed by a political “conflict” at 11%, a “fear of losing profits” at 11% and an economic “crisis” at 9%.
Respondents reached a greater agreement regarding the main threats to the industry: 32% of the participants agreed that “regulation” represents the greatest risk for cryptocurrencies, followed by “fraud, hacks, scams” with 23%.
Fundamental analysis versus technical analysis
Fundamental considerations, technical analysis (TA) and fundamental considerations seem to be equally favored among traders: 26% describe TA as the main factor behind their trading decisions, 24% look at the fundamentals and 23% focus in the general market sentiment.
The state of the global economy and traditional markets influenced the decisions of just under half of the respondents, with 55% indicating that conventional finance has not influenced their decisions regarding cryptocurrencies in the last six months.
Half of traders expect a season of altcoins during 2020
More than half of the participants predict an altcoin season for 2020, with 54% responding affirmatively. The survey also asked respondents to name their five favorite alternative currencies, with ETH, Monero (XMR), Ripple (XRP), Litecoin (LTC), and Tezos (XTZ) topping the list.
Almost half of the respondents indicated that they do not use stable currencies, with 44.4%. Tether (USDT) was by far the most popular stablecoin, with 33.6% of users adopting USDT, followed by USD Coin (USDC) with 8.7% and Dai (DAI) with 8.4% .
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.