Bitcoin’s recent price struggles have not dampened market sentiment, with over half of crypto investors still bullish.
According to a CoinGecko survey of 2,588 respondents, 82% believe the crypto bull run isn’t over, with more than 50% suggesting it’s still in its early stages.
Crypto Bull Run is Not Yet Over
The survey revealed distinct sentiments across different roles in the crypto community. About 55.5% of investors see the bull run in its early stages, while 28.8% believe it’s in the middle. Overall, 84.3% of investors think the market green run is ongoing.
However, traders and builders are more cautious. According to the survey, 78.6% of traders and 74.9% of builders believe that the crypto bull run was not over. Unsurprisingly, market participants tagged as spectators showed the most pessimism, with only 69% believing that the bull run could continue.
Read more: Bitcoin Price Prediction 2024/2025/2030
Meanwhile, the bullish optimism appears evenly distributed among market participants regardless of their experience levels in crypto. Per the survey, around 52.7% of those with 0-3 years of experience, 52.2% with 4-7 years, and 51.8% with 8 or more years believe the market is in the early stages of a bull run.
“In other words, having different years of crypto experience did not seem to significantly influence how participants viewed the current cycle’s bull run. Instead, there was a similar distribution of optimistic and pessimistic opinions,” CoinGecko stated.
CoinGecko pointed out that 60.4% of participants think the market hasn’t peaked and will rise again, while 21.3% anticipate a supercycle with continued gains. This suggests that Bitcoin’s over $73,000 all-time high in March could be easily surpassed in the current market cycle.
“In other words, a combined 81.7% of participants believed that the market would see a bullish continuation, either because crypto had yet to peak or had entered a supercycle state. This further reinforces the above consensus view that the current crypto bull run is not over yet and still has upside potential,” CoinGecko added.
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The survey results align with those of market experts, who believe the crypto market is in the midst of a bull run. Matt Hougan, the Chief Investment Officer for asset management firm Bitwise, explained that key tailwinds could drive Bitcoin to $100,000 by year-end.
“The crypto market is facing a weird dynamic right now: All the short-term news is bad, and all the long-term news is good. The dichotomy is creating an incredible potential opportunity for long-term investors,” he commented.
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