A recent survey by Bitget reveals an optimistic outlook among investors towards the upcoming Bitcoin (BTC) halving event in April 2024. The majority of respondents anticipate Bitcoin to surpass its all-time high (ATH) of $69,000 during the next bull run.
The study presents varied predictions for Bitcoin’s price during the halving. Over half of the respondents expect a price range between $30,000 and $60,000, while around 30% believe that BTC’s price will exceed $60,000.
Approximately 70% of respondents plan to increase their crypto investments, indicating strong confidence in the crypto market’s potential. The inclination to increase investments is particularly strong in regions like the Middle East/North Africa (MENA) and East Europe.
The survey uncovers interesting regional differences in sentiment and expectations. Western European investors display a “short-term cautious, long-term optimistic” sentiment, while Western Europe shows a relatively conservative outlook during the halving period.
Gracy Chen, Managing Director of Bitget, underscores the importance of the survey results in understanding the evolving cryptocurrency investment landscape. She expresses pleasure at the emerging positive sentiment as market conditions continue to recover.
Bitcoin Halving Cycles: A Historical Perspective
Renowned crypto analyst Rekt Capital delves into the historical patterns surrounding Bitcoin halving events, illuminating the typically occurring five phases.
The pre-halving period refers to the approximately 77 days leading up to the Bitcoin halving event. Historically, this period has offered attractive opportunities for investors.
A pre-halving rally typically occurs about 60 days before the halving. Investors “buy the hype” in anticipation of the halving, aiming to “sell the news” and realize profits.
The pre-halving retrace happens a few weeks before the actual halving event. This phase can last for several weeks, leading some investors to question whether the halving will act as a bullish catalyst for Bitcoin’s price.
Following the pre-halving retrace, a period of re-accumulation typically ensues, lasting up to 150 days or approximately five months. During this phase, Bitcoin experiences consolidation as investors reposition and accumulate more assets.
Once Bitcoin breaks out of the re-accumulation phase, it enters a parabolic uptrend characterized by accelerated growth and a journey toward new all-time highs. This phase represents the culmination of the halving cycle, where Bitcoin’s price experiences significant upward momentum.