New Survey Reveals 71% Professionals More Confident in Crypto’s “Win” with Focus on Bitcoin Accumulation
According to a new Crypto Sentiment Survey by Wing, people are more confident in the crypto market now than in 2017 because
“more smart people are entering the space and building important infrastructure and tooling.”
Entrepreneurs and developers with 36 percent share dominated the survey followed by VC with a 23 percent share and then hedge fund and traders (20 percent). Researcher or enthusiasts and angel investors are also part of this survey along with passive observers that constitutes only 1 percent.
When it comes to the cryptocurrency market valuation, the minimum prediction for 2019 end is $50 billion while $1,000 billion is the maximum number. At that time i.e. the second-week of February, the overall market cap has been registering $111 billion which with the last two pumps went to $143 billion levels, only to come back down to the current $130 billion.
When it comes to owning just one crypto asset for the next year, Bitcoin is a clear winner, being in a dominating position with 51 percent votes. Bitcoin is followed by Ethereum (ETH) with 10 percent votes.
Binance Coin (BNB) and Maker (MKR) are also in the list which in the light of their growth in the past few months makes complete sense, BNB even more so as Binance is making a lot of development and noise in the crypto community with its Binance Chain, its very own DEX that was recently launched for public testing. While Dfinity along with Grin, Zcash and Algorand also got their names in.
It’s Accumulation Time
Bitcoin and majority of the crypto market are down 80 to 90 percent from their all-time highs. Now, in the current prolonged market which is expected to hit the bottom in the first quarter of 2019, traders and investors are readying for accumulation.
The survey reveals, over the next 3 months, more than 65 percent are going to be the net buyers while close to 30 percent are neutral. It makes sense that the net crypto sellers are less than 10 percent with all the talks of next bull run to come in the next 2 to 3 years.
However, despite Bitcoin and altcoins hitting their yearly lows in mid-December, over the last 6 months, neutrals dominated with over 50 percent share while just over 30 percent went into buy mode. Looks like, the price dip triggered the people as close to 25 percent were net sellers of crypto.
When it comes to personal allocation, Bitcoin has the maximum share, nearing 50 percent. Ethereum and Private cryptos like SAFTs make about 20 percent of the allocation. Meanwhile, the third-largest cryptocurrency XRP only has about 1 to 2 percent share in this.
Bitcoin Price: Bottom & The Peak
Just like the analysts are predicting, the survey reveals Bitcoin price is expected to find its bottom below $3,000 according to professionals. Though the minimum level has gone to $900, the average number is $2,394.
Majority of the respondent that is 71 percent reported being more confident that crypto will “win” compared to 2017. However, for Bitcoin price prediction by the end of 2022, the bearish sentiments are extreme at $500 minimum level. But bulls are equally strong as the maximum target is at $1 million.
So, what are potential catalysts that will take Bitcoin to $1,000,000 level? The list includes Bitcoin ETF approval, regulatory clarity, the growth of Lightning Network, Telegram & Facebook launching crypto protocols, improved usability, and consumer-facing products, and more infrastructure build-out (scalability, security, privacy).