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44% Think Bitcoin’s in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey

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44% Think Bitcoin’s in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey
March 31, 2020
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In the currently unstable environment where industries are laying off, cryptocurrency exchange Kraken is on a hiring spree as it moves ahead to expand its team with 67 new hires.

The exchange also released a report called 2020 Sentiment Survey at a time when bitcoin has crashed 50% from this year’s top.

However, despite this, 44% of the respondents that involve investors and traders believe we are in a bull market in comparison to 22% that think we’re in a bear market.

Crypto market widely expects 2020 to be the year of the beginning of the bull run as such these industry participants remain as bullish as ever on the market as despite only 36% of them having raised capital last year, 49% now expect to do so this year.

According to 20% of Kraken’s VIP client base, adoption from central banks, corporations, various generations, institutions, and/or retail users would accelerate the crypto adoption.

Other potential drivers include bitcoin reward halving, conflict (political, war, etc.), FOMO, crisis (currency, debt, financial, etc.), and ongoing product development.

Bitcoin and Altcoins

Currently, Bitcoin is trading around $6,500 but the average price target for this year puts the digital asset at a new all-time high at $22,866, while the most commonly cited target was the $20,000.

Meanwhile, people remain as hopeful of a Bitcoin ETF as ever despite there being no proposal left for the US Securities and Exchange Commission’s (SEC) approval. 48% of the respondents believe a Bitcoin ETF will be approved in 2020.

When it comes to altcoins, the top five choices of Kraken’s survey respondents are Ether (ETH), Monero (XMR), XRP, Litecoin (LTC), and Tezos (XTZ), in this order.

The reasons for having these altcoins as their favorite included their development team, for hedging, liquidity, security, utility, and volatility.

However, what about the alt-season? The majority, 54%, still believes that the alt-season will occur in 2020.

These respondents see Ether surging to $810 this year, an increase of more than 500% from current prices. While the median price target was $500, the most frequent target was $300.

Coming onto the stablecoins, while over 44% of the respondents don’t use any stablecoin, Tether remains the top choice with 33.6% because of its ease of use, exchange support, stability, and supported pairs.

USDT is followed by USD Coin (8.7%) which is favored for being regulated, stable, and trusted and then DAI (8.4%) because of its Dai Savings Rate (DSR), being decentralized, and Ethereum-based.
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