According to a user survey conducted by Kraken, most traders expect Bitcoin (BTC) to reach its all-time high before 2021.
The survey analyzed the responses of 400 "VIP" crypto traders in the famous stock market Kraken: 41% of participants identified themselves as "investors", 40% as "traders" and 15% as "institutions" - the remaining% 4 included payment processors, crypto exchanges and miners.
84% of respondents manage less than $ 10 million in capital, while 11% manage between $ 10 million and $ 50 million. The remaining 6% are trading at more than $ 100 million with $ 50 million.
Traders are waiting for record levels this year for Bitcoin
The survey found its average price target at $ 22,866 for 2020. However, traders do not expect Ethereum (ETH), the second largest cryptocurrency to see new highs - the average price expectation for ETH is $ 810.
Overall market sentiment is slightly up: 44% of respondents state that cryptocurrency markets are in the bull market. However, 22% of investors say that they are in a downward trend and the remaining 34% are not sure about this.
There is little consensus among investors on what will accelerate crypto growth in the next 12 months - the first answer was 19%. Then came those who thought that the upcoming halving in Bitcoin, at a rate of 15%, would affect crypto growth. This was followed by political conflict with 11%, FOMO with 11% and economic crisis with 9%.
Participants agreed on major threats to the industry - 32% of respondents said regulations are the biggest risk for crypto. Then came 23% fraud and hacking.
Basic and technical analysis comparison
Basic analysis and technical analysis seem to be equally preferred among traders - 26% of investors prefer technical analysis as the first factor to support their business decisions, 24% look at the basics and 23% to general market sentiment. reported that he was focused.
According to the survey, the situation of the global economy and traditional markets affected less than half of the participants, 55% said that the mainstream did not affect their crypto-related decisions in the past six months.
Half of the investors expect an altcoin season in 2020
More than half of the participants anticipate an altcoin season for 2020 - 54% support it.
The survey also asked participants to list their five favorite altcoins. ETH, Monero (XMR), Ripple (XRP), Litecoin (LTC) and Tezos (XTZ) were at the top of the list.
About half of the respondents, 44.4%, stated that they did not use stablecoin. Tether (USDT) was the most popular stablecoin with 33.6%, followed by USD Coin (USDC) with 8.7% and Dai (DAI) with 8.4%.
