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75% Think Bitcoin Will Double in Price This Year: Crypto Twitter Survey
Author: Kiril Nikolaev
An economist ran a poll to check the pulse of the bitcoin market. An ultra bullish atmosphere may signal that a trend reversal is incoming
- The bitcoin rally is making many crypto investors euphoric.
- An economist ran a poll to check on the pulse of the BTC market.
- An ultra bullish atmosphere may be a sign that a trend reversal is incoming.
Over the last couple of weeks, bitcoin has been slaying bears and disbelievers. On Tuesday, bitcoin printed a fresh 2020 high of $8,903.20. The crypto token’s renewed bullish vigor is driving many retail investors into euphoria.
One retail trader is already predicting that bitcoin will hit $20,000. | Source: Twitter
The ecstatic atmosphere probably drove Alex Kruger to measure community sentiment. The trader and economist ran a poll asking Crypto Twitter (CT) what they think would be BTC’s 2020 high.
Results reveal that CT is feeling ultra bullish. That’s bad news for bitcoin.
Nearly Half of Survey Participants Believe Bitcoin Would Breach $20,000 This Year
Kruger recently ran a poll that involved the responses of over 4,000 participants. Results show that 47.1% believe that bitcoin would trade above $20,000 this year. Close to 30% think the coin would settle between $14,000 and $19,999. The remaining 25% said the cryptocurrency will trade at $13,999 or lower.
Poll results may foreshadow massive capitulation. | Source: Twitter
The survey reveals that nearly 75% of participants believe that bitcoin will print gains of over 100% this year. Almost half see the cryptocurrency skyrocketing by over 180%. These are ultra bullish predictions even by bitcoin’s standards. The results tell me that it is wise to take a contrarian stance.
The Wisdom of the Crowd Is Rarely Correct
When it comes to investing, the wisdom of the herd is often wrong. This is especially true of bitcoin. The digital asset has a tendency to mislead the crowd and burn retail investors.
We saw this happen in the 2017 bull market. Many retail investors hopped on the bandwagon just as bitcoin was peaking around $20,000. Countless got wiped out as the cryptocurrency entered a vicious bear market.
This happened again in December 2018. At the time, bitcoin was trading at $3,000. Many capitulated as calls for a massive drop to $1,800 reverberated on social media. What did the cryptocurrency do? It left disbelievers with their jaws on the floor as it soared to a 2019 high of $14,000.
The Crypto Dog considering the possibility of a bitcoin drop just before the cryptocurrency skyrocketed. | Source: Twitter
These examples show that it’s prudent to look at the other side of the coin. Getting pulled by the herd is a bad trading strategy.
Source: https://www.ccn.com/survey-reveals-bitcoin-will-double-in-price-this-year/