The crypto exchange Kraken is revealing the expectations of its top clients for Bitcoin (BTC) as the flagship cryptocurrency shows signs of strength heading into the new year.
Kraken’s 2H2020 Crypto Sentiment Survey, which gathered more than 350 responses from the firm’s most active high-net-worth traders, shows that the crypto exchange’s topmost clients are expecting a lower price for BTC as 2020 expires.
The price target for Bitcoin fell by 35% from $22,866 in the 1H2020 sentiment survey, which was published in February, to just $14,866 in the latest survey.
“The median price target also retraced -28% from $19,424 to $14,000, and the most commonly cited price target was $15,000, down -25% from $20,000.”
The participants also reveal their BTC price target for the coming year. Their responses suggest that the crypto market will continue to rally as the average price target for BTC in 2021 stands at $36,602.
“The median price target is $25,000, and the most commonly submitted target is $20,000. Approximately, 8% of respondents provided a price target greater-than-or-equal-to $100,000. Roughly 20% of respondents reported a price target greater-than-or-equal-to $50,000.”
As for their altcoins of choice, the traders’ most commonly cited crypto assets are Ethereum (ETH), Polkadot (DOT), Chainlink (LINK), Monero (XMR) and XRP. In the DeFi space, they listed Uniswap (UNI), yearn.finance (YFI), Kava.io (KAVA) and Kyber Network (KNC).
The survey also highlights that 61% of the participants believe that by 2021, BTC will meet, if not exceed, its prior all-time high of $20,000. On Monday, a bullish rally allowed the number one cryptocurrency to smash its all-time high in several exchanges including Binance, Bitstamp, and Kraken.
You can read the full report here.
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