Survey Takers Cite Average 2020 Bitcoin Price Target At $22,886, Ethereum At $810
Respondents to a Kraken survey are super bullish on Bitcoin as they suggest the cryptocurrency could reach a new All-Time High (ATH) price this year. They also believe that Ethereum could rally more than 6x before the year-end nearing its 2018 peak price.
The clients were taking part in a survey conducted by the Kraken Intelligence team that collected the sentiments and expectations of 400 of its customers. Participants were wide-ranging including individual traders, institutions, investors, payment firms, crypto exchanges, and miners.
Bitcoin Price to reach new ATH in 2020
The respondents to the survey were asked to give their price target for Bitcoin in 2020 and sentiments varied greatly across the board. Some pessimistic respondents felt the price would go to zero while the more optimistic ones hinted to prices as high as $100,000.
Despite the huge variation in sentiment, the average valuation of the price targets was $22,866 signaling an extremely bullish outlook on Bitcoin. The median price target was $19,424 while a majority of the respondents quoted $20,000 as the expected price this year.
These prices are within range of the highest price recorded back in December 2017 when Bitcoin first crossed the $20,000 mark. With Bitcoin currently trading at around $6,200, it will need to rally 3.7 times to hit the average price target of $22,866.
The survey participants also expressed similarly bullish outlook for Ethereum with price targets averaging at $810. Again, the pessimistic respondents expected Ethereum value to crash to zero while the wildly optimistic expect the price to hit $10,000 within the year. The median price target for Ethereum stood at $500 while a reasonable price target of $300 was the most commonly cited.
With Ethereum currently trading at around $130, it would need to rally over six times to reach the average target price.
Notwithstanding, the Kraken crypto community seems to be extremely positive about the performance of the digital assets throughout the year hence their bullish outlook. These sentiments may provide guidance as to where the cryptocurrency market is headed as the insiders usually have deeper insights.
Furthermore, a significant proportion indicated in the study that they usually conduct technical analysis and consider fundamentals before making any trade decisions. As such, it would be wise to consider their sentiments as quite insightful and reliably informed rather than wild guesses. Therefore, it would be unsurprising if Bitcoin and Ethereum hit these targets.