• Bitget’s report reveals that 84% of survey participants predict Bitcoin (BTC) will hit a new all-time high in 2024.
• About 70% say they have plans to add to their crypto investments as they eye the next bull run.

Bitget, one of the crypto exchanges to see remarkable growth in 2023, has released findings of a new study on Bitcoin’s upcoming halving, which shows an overwhelming majority of investors are bullish on the flagship cryptocurrency post-halving. 

Nearly three quarters say the potential for Bitcoin price to skyrocket to a new high weighs on their plans to add to their investments in 2024.

The crypto exchange shared the findings of the survey in a report published today, Thursday, February 1.

Bitget’s study – an overview

An analysis of anonymized data that focused on investors’ perceptions around Bitcoin’s upcoming halving and how this impacted their investment decisions showed that the market is largely bullish on BTC.

Here’s a highlight:

• 84% of survey participants the next bull run will see Bitcoin price surpass its previous all-time high of $69,000. Only Europe had a percentage lower than 80% among all regions.
• Over 50% of all respondents predict BTC will be between $30k and $60k by halving (expected around April 2024. 30% of participants think it could be higher than $60k.
• About 70% of respondents said they have plans to add to their crypto investments. Highest conviction was expressed across MENA and East Europe.
• Western European investors are largely “short-term cautious” and “long-term optimistic”.

2024 could be significant for Bitcoin, Bitget’s Gracy Chen says

According to Bitget, a diverse global demographic group of investors participated in the study. In total, 9,748 individuals drawn from across West Europe, East Europe, South East Asia, East Asia, MENA and Latin America shared their views and predictions for BTC pre-halving and post-halving.

Other than the above highlights, the report also shows 55% of participants see Bitcoin price in the $50k-$100k post halving in 2024. A smaller percentage predicts a run to above $150k. More people in West Europe, 51%, expressed this expectation.

Commenting on the findings, Bitget Managing Director Gracy Chen said: “The Bitget Study on BTC halving impacts provides valuable insights into the evolving landscape of cryptocurrency investment. The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the Bitcoin market.”

Bitcoin traded at $42,700 on February 1, 2024, up 6.9% in the past week. Following declines in January, the benchmark cryptocurrency was 5.8% down in the past month. 

However, analysts at Standard Chartered Bank are among those to point to a bullish run for the digital asset, which reached highs of $49k amid the spot Bitcoin ETF euphoria. Analysts at the bank predicted last year that BTC could rally to highs of $120k by end of 2024.