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Trader Consensus Shows Anticipated BTC All-Time High For 2020

Central Banks Purchase of Gold Reaches 50-Year All-Time-High

Kraken, one of the world’s first and biggest exchanges, has recently revealed a user poll. This poll showed that most traders have an expectation that Bitcoin (BTC) will breach a new all-time high before 2020 ends. Optimistic, but entirely plausible.

A Public Vote On Kraken

The poll itself analyzed the collective responses of “VIP” crypto traders on Kraken, 400 in total. 41% of these traders identified themselves as “investors.” Another 40% of these traders described themselves as just that: “traders.” 15% of them described themselves as “institutions,” while the last 4% constituted payment processors, crypto miners, and exchanges.

Furthermore, 84% of these respondents managed less than $10 million in the capital, with 11% managing anything between $10 million and $50 million. The last 6% of it was divided evenly among traders that managed quantities anywhere above $50 million and $100 million, half of those traders being capable of mobilizing more than $100 million.

Anticipated Massive Price

The survey in question discovered that the average price target for Bitcoin stands at an impressive $22.866. However, Ethereum doesn’t hold that much good sentiment, only expected to reach highs of $810 on average.

Bitcoin and Other Digital Assets are on the Rise Again
Source: Express Crypto Exchange

The market sentiment stood at slightly bullish, with 44% of all participants viewing the current market conditions as a bull market. By contrast, 22% considered the current market bearish, while 34% of them expressed their overall uncertainty, opting to instead wait and see.

Overall Plans For The Future

In terms of plans for the next 12 months, there was great division amongst the many traders in regards to how to achieve it. The most popular answer only managed to gain a majority of 19% and claims that adoption is the correct path to success. Bitcoin’s halving, somewhat blunted with the latest crisis, came in second with an unremarkable 15%. Political conflict and fear of missing out, or FOMO, was given a collective third place, both clocking in at 11%. Lastly, the economic crisis was speculated to push growth in the future, with 9% of traders convinced of that.

This division wasn’t prevalent when it came to public opinion of the largest threat to crypto, however. 32% of the participants agreed that the greatest danger to crypto is regulation, while overall frauds, hacks, and scams held second place at 23%.

Overall, it seems that the world is getting over the worst of the coronavirus crisis. With any luck, this entire matter will have blown over by the end of Q2 2020, and everyone can get back to business by the start of Q3.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.