A survey conducted by CryptoVantage revealed that 23% of U.S. residents expect Bitcoin to reach an all-time high of nearly $70,000 by the end of 2023. Meanwhile, 47% believe this will happen within the next 5 years.
The survey, which questioned 1,000 U.S. residents who have previously invested in various cryptocurrencies, revealed that 70% expect BTC to reach around $70,000 within the next 5 years. On the other hand, only 8% believe that the leading digital asset will never reach that level again.
However, the reality is that 78% of people believe that BTC will eventually establish a new all-time high (ATH), which is encouraging, while only 8% think it will “never” reach or surpass $69,044. Considering what could help cryptocurrencies regain their previous levels, it’s worth noting that the next Bitcoin halving is scheduled for late April 2024.
This event occurs every four years and reduces the mining rewards by half, thereby ensuring that the production rate of new BTC will slow down. It’s worth noting that the price of the largest cryptocurrency has increased after all previous halvings.
Participants are also quite optimistic about Ethereum (ETH), with 46% stating that it has the best chance of surpassing Bitcoin as the largest cryptocurrency asset in the future. 20.8% expect Dogecoin (DOGE) to overthrow BTC, while 7.8% believe that BNB could achieve that.
The majority of survey respondents believe that “global financial trends,” such as unprecedented inflation, rising interest rates, and overall economic growth, could play a crucial role in determining the valuation of cryptocurrencies in the future.
Regarding inflation, 54% of survey participants believe that it will further fuel enthusiasm for cryptocurrencies. Argentina and Turkey are two examples where residents have embraced cryptocurrencies as their fiat currencies have experienced significant declines.