Felix Pinkston
July 14, 2024 03:01
According to a CoinGecko survey, most cryptocurrency participants believe the bull market is not over, with significant optimism spreading among investors.
According to a recent survey conducted by CoinGecko, most cryptocurrency participants maintain a positive outlook on the current market cycle. Despite recent market volatility, 81.6% of respondents believe that the cryptocurrency bull market is not over yet.
Is the Cryptocurrency Surge Over?
According to the survey, 52.3% of the participants estimate that the bull market is still in its early stages, while 29.3% believe it is in its middle stages. On the other hand, only 18.4% believe that the bull market is in its late stages or has already ended.
Investors are particularly optimistic, with 55.5% believing that the bull market has just begun or is in its early stages, and 28.8% believing that it is in its intermediate stages. This means that 84.3% of investors believe that the bull market will continue. Traders and builders are slightly more cautious, with 78.6% of traders and 74.9% of builders sharing this sentiment.
Here is a detailed analysis of what investors, traders, builders and spectators think:
| Participation | Bull market starts | childhood | middle | Later stages | End of bull market |
|---|---|---|---|---|---|
| investor | 25.1% | 30.4% | 28.8% | 9.6% | 6.1% |
| Merchants | 25.1% | 20.5% | 33.0% | 10.8% | 10.6% |
| Builder | 27.3% | 19.3% | 28.3% | 17.1% | 8.0% |
| The audience | 24.2% | 20.0% | 24.8% | 13.3% | 17.6% |
Experience and market sentiment
New and veteran crypto participants share similar views on the current state of the market. 52.7% of participants in the first cycle (0-3 years of crypto experience), 52.2% in the second cycle (4-7 years), and 51.8% in the third cycle and above (8+ years) gave their estimates for the beginning or early stages of a bull market.
However, veteran investors (23.4%) are more likely to believe that the market is in the late or late stages, compared to just 17.6% of first- and second-tier investors.
| experience | Bull market starts | childhood | middle | Later stages | End of bull market |
|---|---|---|---|---|---|
| 1st cycle | 27.5% | 25.2% | 29.7% | 10.4% | 7.3% |
| 2nd cycle | 23.0% | 29.2% | 30.2% | 10.9% | 6.7% |
| 3rd cycle and thereafter | 24.3% | 27.5% | 24.9% | 10.4% | 13.0% |
Future market expectations
In a separate question about market beliefs, 60.4% of participants agreed with the statement, “We haven’t reached the peak of this cycle yet. The market will go up again.” This was almost three times more than the 21.3% who believed, “We’re in a supercycle, so the market will continue to go up.”
81.7% of participants believe that the market will continue to be bullish as cryptocurrencies have not yet reached their peak or entered a super cycle. This further strengthens the consensus that the current crypto bull market is not over and that there is still room for growth.
The remaining responses included 8.1% who thought, “This cycle has already peaked. The market will only go down from here,” 6.1% who believed, “We are close to the peak now. It is time to take profits and get out of the market,” and 4.1% who said, “I don’t care because I got pushed out.”
Interestingly, 66.7% of second-cycle cyclists believe that the current cycle has not yet peaked, compared to 55.2% of first-cycle cyclists and 58.9% of third-cycle cyclists and above. However, second-cycle cyclists are more skeptical of the supercycle theory, with only 18.3% supporting it.
Research methodology
This study analyzed responses from 2,558 cryptocurrency participants who took part in the anonymous CoinGecko Post-Halving Sentiment Survey conducted from June 25 to July 8, 2024. This survey should be considered indicative rather than definitive.
Of the participants, 69% were identified as long-term crypto investors, 18% as short-term traders, 7% as builders, and 6% as sideline spectators. In terms of experience, 46% were in their first cycle, 41% were in their second cycle, and the rest were veterans with over 8 years of experience in the crypto space. Geographically, 90% of the participants were located in Europe, Asia, North America, and Africa, with the remainder residing in Oceania or South America.
For more information, see the original CoinGecko article.
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