According to results from survey Recently implemented by cryptocurrency exchange Kraken, most traders are expecting Bitcoin (BTC) to break out to an all-time high in 2020.
The survey analyzed the answers of 400 "VIP" crypto traders on Kraken, of which 41% of respondents described themselves as "investors", 40% were identified as "traders", and 15% are "institutions" - while the remaining 4% consist of payment processors, cryptocurrency exchanges and miners.
Of those surveyed, 84% are managing capital below $ 10 million, 11% managing between $ 10 million and $ 50 million, while the remaining 6% are split equally between traders that manage from $ 50 million to $ 100 million and traders hovering over $ 100 million.
Traders expect BTC to make a record this year, not ETH
Results from the poll show that the average target for BTC price in 2020 is 22,866 USD. However, traders do not expect Ethereum (ETH) to reach a new high, as the average price target for ETH is only $ 810.
The overall sentiment is quite bullish, with 44% of participants saying the cryptocurrency market is in a bullish market, while 22% think we are in a bearish market, and 34%. The rest say they are not sure.
There is little consensus among traders about what will drive the market to grow in the next 12 months. The results showed that 15% of respondents were due to "adoption", Bitcoin halving came in second with 15%, followed by "political conflicts" with 11%, FOMO accounted for 11%, and the crisis. economy with the remaining 9%.
However, the consensus among traders has been made clearer about the threats to the cryptocurrency industry - with 32% of participants agreeing that "regulation" is the biggest risk to the cryptocurrency. death, followed by fraud, hacking, fraud with 32%.
Fundamentals compared to technical analysis
Fundamentals and technical analysis (TA) seem to be equally selected among traders - with 26% saying TA is the main factor that leads to their trading decisions, 24% consider the principles. fundamentally and 23% focus on the overall sentiment.
The state of the global economy and traditional markets also influenced the decisions of nearly half of the respondents, with 55% showing that formal finance did not influence their trading decisions for 6 months. by.
Half of traders expect a "altcoin season" in before 2021
More than half of the survey participants predicted that 2020 would witness an "altcoin season", with 54% of affirmative responses.
The survey also asked respondents to list their five favorite altcoins, of which ETH, Monero (XMR), Ripple (XRP), Litecoin (LTC) and Tezos (XTZ) topped the list.
Nearly half of the respondents (44%) said they did not use stablecoins. Tether (USDT) is by far the most popular stablecoin, with 33.6% of users accepting USDT, followed by USD Coin (USDC) with 8.7% and Dai (DAI) with 8.4%.
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According to CoinTelegraph
Translated by ToiYeuBitcoin