The Bitcoin price is battling to stay above $12,000. Investors are, therefore, more on edge than at any time since 2017. Some believe Bitcoin is about to skyrocket to new all-time highs. Others believe the Bitcoin price is about to capitulate. In the process, it will make recent rises look like a mere blip in a continuing Crypto Winter. A recent Bitcoin price poll, though, may give investors some comfort.
Crypto Panic Bitcoin Price Poll Suggests Gains Likely
Tom Lee at cryptocurrency investment firm Fundstrat, believes Bitcoin is soon to “cruise past” $20,000. Of course, Lee is usually spectacularly wrong when it comes to Bitcoin price predictions. This is possibly why after making his latest, the Bitcoin price began retracing steps from a 2019 high of $14,000.
There is good news, though. This being that 25% of respondents to a Crypto Panic poll, state that they too believe Bitcoin will end 2019, at a $14,000 to $20,000 price point. The overall Crypto Panic poll results are as follows:
- 15% of respondents believe the Bitcoin price will reach $14,000
- 23% of respondents believe the Bitcoin price will reach between $14,000 and $20,000
- 18% of respondents believe the Bitcoin price will reach between $20,000 and $30,000
- 8% of respondents believe the Bitcoin price will reach between $30,000 and $40,000
- 7% of respondents believe the Bitcoin price will reach between $40,000 and $60,000
- 15% of respondents believe the Bitcoin price will reach between $60,000 and $100,000
- 13% of respondents believe the Bitcoin price will reach $100,000 or more
54% of respondents in a separate poll, are also of the opinion that Bitcoin will re-test former all-time highs of $20,000, by the end of August.
Polls and Trends are Subjective – But They Do Matter
Gauging public opinion matters when predicting future cryptocurrency prices. Cryptocurrency content firm Adaptive Analysis recently released a report demonstrating as much.
According to their research, basing short-term cryptocurrency trades on psychological trend patterns is (currently) more profitable than basing trades on traditional technical indicators.
Technical analysis when trading is, of course, helpful. However, Adaptive Analysis research suggests that the cryptocurrency market is still too young for technical indicators to be of real value.
Other Crypto Price Poll Results
As well as believing a Bitcoin price of $14K to $20K is likely by 2020, other Crypto Panic users believe that there will be a new altcoin season. 54% also believe that some altcoin prices will surpass highs which they were first successful in establishing in 2017. Like with all cryptocurrency price forecasts though, investors should not interpret poll results as a guarantee that cryptocurrency prices will perform as predicted.
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