Crypto exchange Bitget has conducted a comprehensive study of crypto investor sentiment ahead of the Bitcoin halving expected in April 2024. The vast majority were confident that the mining reward for Bitcoin would improve after the halving.
• Bitcoin halving in April 2024
• Bitget surveys crypto investors
• The majority of crypto enthusiasts expect positive effects
Crypto enthusiasts are looking forward to the upcoming Bitcoin halving in 2024, which is expected in April. Bitcoin Halving reduces the reward that miners receive for continuing the blockchain in the form of Bitcoins. Bitcoin miners currently receive 6.25 BTC for their efforts, but after the halving the number will be halved to 3,125 digital coins. A halving always occurs when 210,000 new blocks have been placed. The next halving is expected for April 21, 2024, when, according to projections, the 840,000 block would be set. This is the fourth halving in the history of the cryptocurrency.
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Reward halving is firmly anchored in Bitcoin’s code. In this way, the number of available coins is to be reduced; overall, the Bitcoin white paper specifies that the maximum supply will contain 21 million coins, then that’s it.
This is how the Bitcoin halving worked in the past
In the crypto community, the halving is considered to be the most important event in the Bitcoin cosmos. Since it only takes place every four years, the anticipation is always very high. The halving has also always had a significant impact on the price of the cyber currency – especially in the long term. This is shown by a look at the price history of Bitcoin on the day of the halving and 365 days afterwards. During the first halving in 2012, the BTC price was quoted at $12.35. A year later he had broken the $1,000 mark. During the halving in 2016, Bitcoin was trading at $650.53, and 365 days later it had climbed to $2,518.44, Bitpanda shows in a table. In 2020, during the third halving, the Bitcoin price was at $8,821.42. A year later, one coin was worth almost $56,000.
Bitget surveys crypto investors
In order to find out what developments crypto investors expect with regard to the next Bitcoin halving and how this will affect their own investment decisions, the crypto exchange Bitget conducted a comprehensive study using anonymized data. A total of 9,748 people from Europe, Asia, Latin American regions and the Middle East and North Africa were surveyed, according to the company’s press release.
“The Bitget study on the impact of the BTC halving provides valuable insights into the evolving cryptocurrency investment landscape. The results reflect a wide range of expectations and investment plans and show that 2024 will be a significant year for the Bitcoin market.” Bitget Managing Director Gracy Chen is quoted in the statement.
Positive effects of the Bitcoin halving expected
The results of the study clearly show that a majority of investors, almost 84 percent, expect positive effects from the Bitcoin halving and assume that the original cyber currency will leave the all-time high of $69,000 behind. However, there are regional differences among investors here. Bitget writes that crypto enthusiasts in Latin America, East Asia and Southeast Asia in particular were very positive. In the European regions, however, expectations were more conservative.
Specific estimates of the Bitcoin price after the reward halving varied widely. Overall, many survey participants’ price estimates range from $30,000 to $60,000. However, about 30 percent of respondents also made predictions of more than $60,000.
In the long term, however, even more investors are optimistic about the price development of Bitcoin. Even the more cautious regions are convinced that Bitcoin will be able to break its all-time high during the next bull run. Short-term caution is contrasted with long-term optimism.
Highs of more than $150,000 possible
Respondents were also able to provide estimates regarding a new high for the original cryptocurrency. Here, more than half (55 percent) believe that the Bitcoin price will settle between $50,000 and $100,000 during the next bull market. A smaller proportion of respondents can also imagine highs of over $150,000.
As the study also reveals, around 70 percent of those surveyed plan to further expand their crypto investments in 2024. This trend is particularly pronounced in the Middle East, North Africa and Eastern Europe regions. In Southeast Asia and East Asia, however, the plan is to maintain the current investment level.
“We are pleased to see this positive sentiment prevail as market conditions continue to recover. At Bitget, we strongly believe in Bitcoin’s potential to establish itself as a truly global store of value. As a leading exchange, we want to play our part in the growth and development of Bitcoin Bitcoin ecosystem through innovative product offerings, educational resources, and unwavering community support. The path ahead is promising, and we look forward to empowering more investors and institutions alike to share in Bitcoin’s continued success story “, Chen is quoted as saying in the press release.
Editorial team finanzen.net