KRAKEN REPORT: Most Traders Expect New All-Time High Bitcoin Price in 2020 | BTC Drops to $6.1K

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Bitcoin Price Kraken

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A user poll conducted by Kraken has revealed that most BTC traders are expecting the Bitcoin price to break into new all-time highs before 2021.

The poll analyzed the responses of 400 “VIP” crypto traders on Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders”, and 15% as “institutions” — with the remaining 4% comprising payment processors, crypto exchanges and miners.

84% of respondents manage less than $10 million in capital, while 11% manage between $10 million and $50 million.

The remaining 6% is divided evenly between traders managing from $50 million to $100 million and traders mobilizing more than $100 million.

The survey found that the average BTC price target for 2020 is $22,866.

However, traders do not expect Ethereum (ETH) to also see new highs — with $810 comprising the average price target for ETH. 

The overall market sentiment is slightly bullish, with 44% of participants stating that the cryptocurrency markets are in a bull market, while 22% believe we are in a bear trend and 34% stating they are unsure.

There was little consensus among traders as to what will accelerate crypto’s growth over the next 12 months, with the top answer comprising “adoption” with 19%.

Bitcoin’s upcoming halving came second with 15%, followed by political “conflict” with 11%, “fear of missing out” with 11%, and economic “crisis” with 9%. 

Respondents came to a greater agreement regarding the major threats to the industry — with 32% of participants agreeing that “regulation” comprises the biggest risk to crypto, followed by “fraud, hacks, scams” with 23%.

Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068. 

The move somewhat mirrors the performance of traditional markets, which also closed the day with losses.

The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%. 

The break below $6,550 pulled the price below the ascending trendline and the $6,450 support.

Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/bitcoin-price-drops-to-61k-shortly-after-equities-markets-close-red

https://cointelegraph.com/news/most-traders-expect-new-all-time-high-price-for-bitcoin-in-2020

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