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Most Bitcoin followers are expected to trade more in the cryptocurrency this year due to expectations that the digital asset will continue to appreciate, according to a new survey.
About 85 percent of those who trade at least $1,000 a month in the currency said they expect the level of trading they do to increase in 2022, when compared to last year, the survey conducted by blockchain-based machine learning business GNY showed.
“Our research shows that Bitcoin traders are optimistic about the prospects of the cryptocurrency this year, and this helps explain why the vast majority expect to increase their level of trading,” said Cosmas Wong, CEO of GNY.
The cryptocurrency is currently priced at approximately $48,000. There are expectations that the value could go up to more than $100,000 this year.
Price forecasts
About six in ten (62 percent) of Bitcoin traders expect the cryptocurrency to end 2022 at more than $58,000, while a small number (9 percent) are betting on the price to range between $75,000 and $100,000 a coin.
Another 10 percent said the value could be between $100,000 and $125,000, while 4 percent are expecting Bitcoin to finish the year with a higher valuation. Only a small number (15 percent) feel that Bitcoin could drop to $40,000.
Wong said Bitcoin prices will remain volatile and that traders will need to continue to expect “huge swings” in the currency’s valuation.
Among those polled for the GNY survey, 31 percent said they will trade between $5,000 and $10,000 in Bitcoin this year, while a quarter (25 percent) expect to trade between $1,000 and $5,000.
About two in ten have expressed interest in trading between $10,000 and $15,000 and a further 12 percent said they are looking at a budget of between $15,000 and $20,000.
Other traders have bigger allocations, with three percent saying they are looking at trades between $20,000 and $30,000. Another two percent could even go higher, between $30,000 and $50,000, while others (2 percent) said they could set aside more than $50,000.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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