Most traders expect Bitcoin to surpass its all time high record by the end of 2020

A survey of Kraken’s traders has found that most expect the price of Bitcoin to break into record highs this year

Description: San Francisco-based cryptocurrency exchange Kraken has published a 12-page report analyzing the sentiments and expectations of its clients.

A survey conducted by Kraken exchange shows that most traders expect Bitcoin to rise to new highs in 2020. The survey was taken up by 400 clients of the exchange, including individual traders, financial institutions, investors, payment providers, cryptocurrency miners and exchanges.

84% of respondents manage assets of less than $10 million, 11% manage from $10 million to $50 million, 3% manage from $50 million to $100 million, and the remaining 3% manage over $100 million.

The company does not specify when the survey was conducted. It published the report on its blog on March 27, while the document itself is dated February.

The average price forecast for Bitcoin for 2020 was $22 866, the maximum — $100 000, the minimum — $0.

For Ethereum these values were $810, $10 000 and $0 respectively.

54% predict the coming of the altcoin season in 2020. In addition to Ethereum, the most popular altcoins in descending order were Monero (XMR), XRP, Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Cosmos (ATOM), Bitcoin Cash (BCH), Dash (DASH) and EOS. The list is shorted by USDT and TRON (TRX). USDT is the most popular stablecoin (33.6%); 44.4% stated that they do not use stablecoins at all.

44% of participants considered the trend at the time of the survey as bullish, 22% — bearish, 34% were undecided. The main catalysts of growth they called mass distribution; halving of Bitcoin; political, military and other conflicts; FOMO; crises, including currency, debt and financial ones. The main risks: regulation, fraud, government intervention, failed development and weak proliferation.

73% said they do not use Bitcoin valuation models in investment decisions. Among those who responded positively, 47% used the Stock-to-Flow model. Technical analysis, fundamental indicators and general market sentiment were the most popular decision making factors.

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Andrey Costello

Andrey Costello

Bitcoin-maximalist. Optimistic family man and miner with six years of age. I write about complicated things from the future for people of our days.