Kraken research: 44% of participants believe cryptoeconomy in bull market, Bitcoin price will touch new ATH

According to a study from Kraken, with a scale of 400 “VIP” cryptocurrency traders, regardless of the current economic situation, respondents still believe that cryptocurrency is in a bull market. And all of them assume that the Bitcoin price will reach all-time highs at $ 22,866.

400 “VIP” cryptocurrency traders still believe the crypto economy is in a bull market

On March 27, Kraken published a survey called “2020 Sentiment Survey: Where We Are & What’s To Come.” Of those 400 people, 41% said they were “investors,” 40% noted they were “traders,” and 15% said they were “institutions. A small percentage of the lowered were payment firms, crypto exchanges, and miners.

Besides, the VIP client letter sent on Friday stated:

“Kraken Intelligence, our team of in-house research experts, surveyed 400 clients from around the world this January to measure their sentiments and expectations for crypto in 2020.”

kraken-research-44-of-participants-believe-cryptoeconomy-in-bull-market-bitcoin-price-will-touch-new-ath

Source: Kraken Research

Additionally, 44% of participants thought that cryptocurrencies were still in the middle of a bull market. Nearly 34% of those surveyed said they were uncertain about the present time. Further, 22% of people participating in the Kraken survey noted that the cryptocurrency economy is facing the bear market right now.

Besides, respondents also stated that Bitcoin’s price would reach an all-time high in 2020, namely $ 22,866 at some point during the year. The VIP traders also predict that the price of ETH will reach $ 810, but ether will not surpass surpassed ATH in 2020.

kraken-research-44-of-participants-believe-cryptoeconomy-in-bull-market-bitcoin-price-will-touch-new-ath1

Source: Kraken Research

Bitcoin price and cryptocurrency industry remain optimistic

Respondents also pointed out that some of them manage vast amounts of money because 84% of participants said they managed less than $ 10 million. But 11% of surveyed individuals revealed that they controlled about $ 10 million and $ 50 million.

kraken-research-44-of-participants-believe-cryptoeconomy-in-bull-market-bitcoin-price-will-touch-new-ath2

Source: Kraken Research

6% said they managed funds from $ 50 million to $ 100 million. Nearly 50% of respondents predict that the US SEC will approve a Bitcoin ETF this year.

Besides, the report also noted:

“Tether (USDT) was the overwhelming favorite (60.4%) among stablecoin users. Despite these uncertain times, it is clear from the survey that the crypto industry still has many advancing and catalysts to be optimistic about.”

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