Crypto investors are extremely optimistic about the prospects of the market experiencing a bull run. According to a study carried out by Voyager Digital, a large percentage of these participants are completely anticipating a massive peak in the market. Despite the over 50% decline in the market since mid-May that saw the prices of the leading asset, Bitcoin (BTC) and other cryptos take a sharp plunge, the hopes of these participants are still high. The previous drop caused the price of BTC to lose its place in the All-Time-High region of nearly $65k and position itself dangerously between $30k-$32k.
The study poll was taken among exactly 3,671 traders on Voyager Digital platform in respect of the second quarter of the year. Study outcome showed that 81% of the poll participants were really hopeful about the prospects in the future irrespective of the dip market downtrend which occurred in May. Although many cryptos have pulled a comeback in price since then, the dip phase seems not to be over. The price of BTC stepped up to $40k yesterday after remaining in the range of $37k – $38k for a while.
Most Study Participants Expect an Uptrend
Following the optimism expressed by most participants, 87% of them said they would top up their crypto investment over the next four months. The percentage is at variance with the 80% who had said they planned to do the same during the firm’s first quarter study– that is a considerable increase. While 39% of the participants said they anticipate the price of BTC to settle within the range of $56k and $70k by the third quarter of the year, 28% think the price will stand within $41k and $55k. Contrary to the 20% figure of the last study, 18% of the participants think BTC would climb to $71k.
Interestingly, out of 10 traders studied, nine had said they actually believed that the US Securities and Exchange Commission (SEC) would give assent to a BTC Exchange Traded Fund (ETF) and make it open for investment by institutions, which pro-crypto folks think would have a tremendous effect on the price of BTC. Disappointingly, the US SEC has been clamoring for regulations on cryptos lately.
Cardano Leading Alternative Coins According to Study
Cardano came tops among the alternative coins the study participants were most optimistic about. 55% of them indicated they were extremely positive about the alternative coins. Popular meme-based coin, Dogecoin was second by 11%. Others were ChainLink and Polkadot which polled 6% similarly.
Steve Erlich, CEO of the study firm expressed his delight at seeing the unfazed optimism in the market in spite of the price downturn in the past month. Erlich asserted that study polls signified that a plethora of crypto enthusiasts see the downturn as an investing moment and not something ominous. With the move by the BTC Mining Council to find a clean energy source for BTC, the anticipated bullish trend might occur soon.