Bear or bull: Survey reveals 49% are bullish about crypto

Jesse Coghlan7 hours agoBear or bull: Survey reveals 49% are bullish about cryptoA recent CoinGecko survey of 2,500 respondents shows that just under half are currently bullish about crypto, and a quarter haven’t worked out whether it’ll make a move at all.1801 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA recent CoinGecko survey, conducted over the past two weeks with more than 2,500 participants, has revealed that only about half of crypto investors and observers are currently “bullish” on the crypto market.

The survey, published on July 10 and conducted between June 25 and July 8, polled 2,558 individuals, 94% of whom reported holding or working in cryptocurrency.

The survey revealed that 49.3% of respondents felt either “bullish” or “somewhat bullish” about the current state of the cryptocurrency market.

Around a quarter of the respondents were nearly evenly divided between “bearish” and “somewhat bearish,” while another quarter identified as “neutral,” indicating they did not expect the market to move significantly up or down.Those “somewhat bullish” about crypto slightly edged out those who were “neutral.” Source: CoinGecko

The large share of neutral sentiment “might reflect participants’ uncertainty toward crypto market conditions, or indicate that participants were waiting for further developments before forming their market view,” wrote CoinGecko research analyst Lim Yu Qian.

Among the four types of survey participants — investors, traders, builders and spectators — spectators were the most bearish on crypto, with two in five reporting some level of pessimism.

Spectators were identified as having “no direct crypto involvement” and also had the highest share of those neutral on the market, at nearly 30%.

“Spectator respondents might reflect the views of participants who have taken profits and exited the market for the time being,” Lim added.Each group saw a fairly even split between bullish, bearish and neutral market sentiments. Source: CoinGecko

Meanwhile, investors who said they had long-term crypto holdings were the most bullish, closely followed by those who work in the crypto space.

Related:Bitcoin traders ‘under pressure’ after deepest correction since 2022 erases profits

The survey comes as Bitcoin (BTC) — the largest cryptocurrency by market cap — has fallen around 9.5% since its April 20 halving, when mining rewards were cut in half.

Bitcoin trades at $57,585 at the time of writing on July 11, slightly up from last week’s four-month low dip below $54,000.

Past Bitcoin halving events, which happen roughly every four years, have historically seen the cryptocurrency’s price rally in the following months.

However, the market has been rattled by potential sell pressure from $7.6 billion worth of Bitcoin, which will soon be repaid to creditors of the failed crypto exchange Mt. Gox, as well as a recent dumping of Bitcoin by the German government.

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