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Majority of Investors Upbeat About Bitcoin’s Post-Halving Prospects
A recent survey conducted by prominent cryptocurrency analyst PlanB has revealed a prevailing sense of optimism among investors regarding the potential effects of Bitcoin’s upcoming halving, scheduled for April 2024.
With an impressive participation of 17,329 respondents, the survey aimed to gauge whether the halving event would catalyze a new bull market, paralleling the trends observed after the halvings in 2012, 2016, and 2020. The results unveiled a distinct trend, with nearly 60% of participants anticipating a resurgence in bullish sentiment following the halving.
Inquisitive about the potential outcomes, PlanB posed a crucial query to his subscribers: “Will the BTC halving in April 2024 lead to a new bull market like the 2012, 2016, and 2020 halvings did?” The findings mirrored a collective sentiment of positivity, as 59.9% of respondents voiced their belief in the advent of a bullish market phase post the halving. In contrast, 17.3% of participants expressed skepticism, predicting a lack of a bull market throughout 2024-2025. Notably, 22.9% remained undecided, reflecting the intricate and speculative nature of cryptocurrency markets.
As the halving event draws closer, experts are delving into potential outcomes and consequences. JPMorgan analysts have highlighted the impending halving as a pivotal trial for Bitcoin miners, who could encounter hurdles due to reduced block rewards and the parallel rise in operational expenses. In a separate vein, industry figures have proffered their own forecasts.
Blockstream CEO Adam Back, for instance, has put forth a wager of one million satoshis (0.01 BTC) on his prediction of Bitcoin surging to $100,000 before the halving. Similarly, Markus Thielen, the head of research at Matrixport, envisions a bullish trajectory reaching $125,000 by the culmination of the following year, a sentiment that aligns with Standard Chartered analysts’ projection of $120,000 for 2024. As the cryptocurrency community awaits the halving event with bated breath, these insights encapsulate the diverse perspectives that underscore the dynamic and speculative nature of the market.