In a recent study about the Bitcoin (BTC) halving impacts, crypto exchange Bitget revealed that 70% of the investors plan to increase their crypto allocations in 2024 anticipating a bull run triggered by this event. Halving is the event that cuts miners’ rewards for successfully mined Bitcoin blocks by half, thus reducing the daily BTC supply.

The findings reveal significant optimism among investors regarding Bitcoin’s future, with 84% of all the 9,748 surveyed participants expecting BTC to surpass its previous all-time high of $69,000 in the next bull run. The sentiment is consistent across nearly all surveyed regions, with East Europe being the only exception where optimism was slightly lower.

“The Bitget Study on BTC halving impacts provides valuable insights into the evolving landscape of cryptocurrency investment. The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the Bitcoin market,” states Gracy Chen, Bitget Managing Director. She adds that the exchange is “pleased to see such positive sentiment emerging as market conditions continue recovering”.

During the halving, which is set to occur around April 2024, more than half of the respondents anticipate Bitcoin prices to range between $30,000 and $60,000. However, a notable 30% of investors are even more bullish, predicting the price could exceed $60,000, with this sentiment being pronounced in Latin America, reflecting a diverse range of expectations for Bitcoin’s price performance during the halving event.

Meanwhile, the trend of expanding their crypto portfolio in 2024 is stronger in the MENA and East Europe regions. Conversely, regions like South East Asia and East Asia presented a more cautious outlook, with a tendency to maintain current investment levels.

For the next bull market, a majority of investors (55%) predict Bitcoin’s price to stabilize between $50,000 and $100,000, while a significant portion foresees it soaring above $150,000, especially in West Europe where over half of the investors expect the price to exceed $100,000.

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Author: Gino Matos

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