Approximately 70% of Americans who have traded in cryptocurrencies expressed confidence that Bitcoin (BTC) would reach its all-time high (ATH) of $69,000 within the next five years - according to a recent survey conducted by CryptoVantage.
The survey exclusively targeted individuals with previous cryptocurrency trading experience, aiming to analyze the factors driving crypto investments.
23% of enthusiasts believed that BTC would hit its ATH in 2023 itself.
While their optimism was noteworthy, considering the current market momentum, it appeared somewhat ambitious.
The respondents, however, did not solely place their bets on BTC.
Ethereum (ETH), the second-largest cryptocurrency by market cap, garnered the most support as the coin with the highest potential to surpass BTC during the next bull run, with about 46% of participants expressing this sentiment.
Considering factors that might influence crypto price movements, "supply and demand" emerged as the primary reason, according to two-thirds of the respondents.
This view holds particular relevance given the upcoming Bitcoin halving event, which is less than a year away.
The survey also highlighted global macroeconomic trends, including inflation and U.S. monetary policy, as significant factors influencing crypto prices.
Countries grappling with hyperinflation, such as Turkey, have sought refuge in cryptocurrencies, particularly stablecoins.
Moreover, with the possibility of the U.S. Federal Reserve pausing its cycle of interest rate cuts amid easing inflation, investments in riskier assets might rise.
Additionally, regulatory policies emerged as a crucial consideration for respondents, with approximately 36% believing that regulatory and policy decisions would significantly impact crypto market movements.
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