An overwhelming number of investors in MENA – as high as 80 percent – expect the halving of Bitcoin (BTC) to significantly impact the digital currency’s price, a market study revealed.
Majority of the region’s investors – 54 percent – also expect Bitcoin’s price to hover between $30,000 to $60,000 around the halving, slated in April this year, the study by Bitget, a leading cryptocurrency exchange and Web3 company, said.
Bitget said a staggering 88 percent of MENA investors participating in its study think BTC will surpass its previous all-time high in the next bull run.
“As high as 82 percent of crypto investors in MENA countries will increase their investments in 2024, with only 4 percent planning to decrease,” the study said.
The data suggests a confounding optimism among MENA investors, both in the short-term and long-term.
The participants of other regions also echoed this optimism, but the sentiment of the MENA respondents was notably stronger compared to the European regions, Bitget said.
Looking beyond the halving, MENA investors resoundingly believe that BTC will surpass its previous all-time high price in the next bull run.
Bitcoin’s future outlook
However, despite this solid positive sentiment, only 26 percent of MENA investors think the token will surpass the $100,000 mark this year, as against investors from Eastern Asia, Western Europe, and Latin America who were more optimistic about Bitcoin reaching between $100,000 and $150,000.
The Bitget study focusing on the upcoming Bitcoin halving in April 2024 and its impact on investment decisions, was conducted across a diverse global demographic, including the MENA region.
Gracy Chen, Managing Director of Bitget, said the study on BTC halving impacts provides valuable insights into the evolving landscape of cryptocurrency investment.
“The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the Bitcoin market,” she said.
Follow us on
