Bitcoin’s post-halving crash appears to have divided the cryptocurrency community, with investors currently seen as the most bullish group.
Cryptocurrency investors, developers, speculators, and traders appear to have mixed views on the current state of the market, with “no strong consensus sentiment” at the moment, according to cryptocurrency price aggregator CoinGecko.
In a survey of 2,558 participants conducted from mid-June to July 8, CoinGecko assessed market sentiment. The largest group of respondents (26.1%) described themselves as “somewhat bullish,” while the smallest group (11.8%) described themselves as “bullish.” Overall, about 50% of participants were bullish, despite Bitcoin’s recent price drop below $56,000.
CoinGecko says neutral sentiment was the “second most common survey response,” which suggests participants are “waiting for further developments before forming a market view.” Among the group, investors were the most bullish, with over 54.1% feeling bullish and just 20.7% feeling bearish.
“In comparison, traders’ sentiment on the cryptocurrency market was largely mixed, with 39.0% being bullish and 33.5% being bearish.”
CoinGecko
Speculators were the most pessimistic, with 28.5% being bullish while 42.4% were bearish. CoinGecko suggested this group may have taken profits and “may have been out of the market for the time being.”
In early July, the price of Bitcoin (BTC) plummeted after German authorities seized 50,000 BTC from the illegal movie website Movie2k and began selling large amounts of BTC on exchanges. In a recent interview with CNBC, crypto entrepreneur Anthony Pompliano said that people are “scared to buy Bitcoin” as thousands of coins flood the market, adding that BTC is currently in a very illiquid market and that the German sell-off is having a significant impact on the price.