New Kraken Survey Shows that Investors have Very Bullish Expectations for Bitcoin in 2021

New Kraken Survey Shows that Investors have Very Bullish Expectations for Bitcoin in 2021

Bitcoin (BTC) has recovered from a fresh selloff earlier this week, in which the cryptocurrency fell $1,600 in a few hours and fell to a low of $18,100.

Despite worries that the benchmark cryptocurrency is yet to close the substantial CME gap between $18,275 and $16,995, bulls have secured Bitcoin firmly above the $19,000 level.

The global cryptocurrency market has grown by about $8 billion in the past 24 hours. However, the trading volume appears to be very slim and has fallen below $80 billion, indicating that most traders are choosing to hold their positions instead of trading the dip. This discovery paints a very bullish picture for the cryptocurrency and has infused confidence in investors.

Meanwhile, the latest Crypto Sentiment Survey by Kraken on its VIP clients have revealed that most investors believe BTC will skyrocket to about $36,000 in 2021. The survey covers investor sentiment for the second half of 2020.

On average, participants of the survey predicted an average Bitcoin target of $36,602 by 2021. While some put their median BTC price target at $25,000, 61% of the survey subjects believe that Bitcoin will hit $20,000 by 2021.

Others expressed their lofty expectations for BTC, with 20% placing their BTC price target at $50,000 by next year, while 8% have a price target of $100,000 by 2021.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 3

BTC/USD has begun a bullish ascent as the prospects of a CME gap close fades. The cryptocurrency has recorded a daily high of around $19,600 as investors brace for $20,000. At this point, any fresh bearish wave will be immediately tempered by the $19,000 – $18,800 support zone.

The cryptocurrency has consistently recorded higher lows, indicating that it is on a more steady approach to the $20k resistance.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $19,000, $18,800, and $18,400.

Total market capital: $578 billion

Bitcoin market capital: $360 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.