A recent study conducted by CryptoVantage estimated that 23% of US residents expect bitcoin to climb to its all-time high price of almost $70,000 by the end of 2023. 47% think this would happen in the next five years.

The majority of respondents also believe the high inflation that has recently spread across the globe will make the cryptocurrency industry more attractive to investors. 

Americans’ Latest Thoughts on Crypto

The survey, which questioned 1,000 US residents who had purchased some cryptocurrencies in the past, showed that 70% expect BTC to shoot back to approximately $70K in the next five years. In comparison, only 8% believe the leading digital asset will never climb to that level again.

The entity behind the analysis highlighted the overall positive stance of the respondents on bitcoin’s future valuation, reminding that the next BTC halving is due in the spring of 2024.

“Still, the fact that 78% of people in total believe that BTC will eventually set a new ATH is heartening, as is the fact that only 8% believe it will “never” equal or top $69,044. And in terms of what might help the cryptocurrency regain former levels, it should be noted that the next Bitcoin halving is due to take place by the end of April 2024.”

The event happens every four years and reduces the awards for miners in half, thus ensuring that the speed of production of new BTC slows down. It is worth mentioning that the price of the primary cryptocurrency has headed north following all previous halvings.

The participants were also quite bullish on Ethereum (ETH), with 46% saying it has the best chance of