Despite the so much uncertainty in the price of Bitcoin with the current trends, traders are still expecting a new all-time high. According to a poll done by Kraken, traders are expecting that before the end of the year.
The poll was conducted across 400 VIP Kraken traders whereby 41% were classified as investors, 40% as traders, and 15% as institutional investors. The remaining were miners, exchanges and payment processors.
So much expected from Bitcoin
Traders expect so much from BTC and not ETH or any other cryptocurrency. The average set price for BTC in 2020 is $22, 866. The price target of ETH is at $810, making it still lower than BTC.
The current market is a mix of bull and bear. There has been a cycle of a switch from bear to bullish back to bear. Currently, 22% of the participants believe that the market is bearish, 44% believe the market is bullish, while the rest are not sure.
According to the traders, many factors will contribute to the rise in the price of Bitcoin. 19% of the participants believed in adoption, 15% of them believed in the Bitcoin halving event in May, 11% political conflict, 11% fear of missing out, and 9% economic crisis.
All the participants agreed to the threats facing the crypto industry which still impacts the industry such as regulation, fraud, and hacks.
Is technical analysis the main influencer?
Even though technical analysis is very important, many traders base their judgment on fundamental considerations. Some rely on market conditions to make their decisions. From the group of participants, 26% rely on technical analysis, 24% on fundamental analysis, and 23% on the market condition.
From that, it is clear that the economy in general and the traditional markets do not really influence trading decisions. More than 55% of the respondents cited that the global financial industry, in general, has not influenced their crypto decisions.
Is there hope for the crypto market?
Traders strongly believe that there is an altcoin season that is coming up before the end of the year. Over 54% of them are affirmative about it.
From the poll, it was clear that many traders prefer altcoins as compared to stablecoins. Respondents also cited the top five altcoins that are to get into a good season. The altcoins are ETH, Ripple. Litecoin, Monero, and Tezos.
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