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John Kiguru
Jan 17, 2020
by John Kiguru

Crypto Twitter Poll Shows Investors Are Ultra Bullish With 75% Saying Bitcoin Will Double

Twitter poll
A recent Twitter poll run by popular analyst Alex Kruger shows that the crypto community is ultra bullish. This comes just days after we saw Bitcoin and altcoins pump together. This scenario has been missing for more than 2 years with Bitcoin and altcoins battling for dominance. Bitcoin pumping and altcoins surging have begged the question if this year is going to play out like 2020. Many in the crypto community who expressed their thoughts through the poll said yes. The year 2020 will be as bullish as 2017.

Almost half of the participants think that Bitcoin will reach its all-time high of $20,000. An even bigger number, 75% think that Bitcoin will double in price in 2020. At current levels, this means that BTC will reach at least $18,000. The poll involved 4,000 participants in which about 47% voted Bitcoin will reach $20,000, 30% think it will range between $14,000 and $19,000 while 25% think it will remain below $13,000. Notably, over 75% think that Bitcoin will reach and surpass 2019's all-time high of $14,000.

Reasons For Twitter Poll Results

If Bitcoin reaches its 2019 high of $14,000 early on in the year, it is hard not to see it continue enjoying gains and finding a position above $18,000. Catalysts cited by the community that will drive prices include geographical events like the Iran and U.S fight, rising global debt, Brexit, and the May Bitcoin reward halving. In recent months, there has also been renewed institutional investors' interest which continues to hold much promise for the market.

Bitcoin Bull Trap?

While the renewed optimism is driving in new buyers, it could as well mean a major retracement in the weeks to come. Generally, the best time to buy is when many are bearish and selling, when the sentiment is ultra bullish, this could mean a bull trap in which the smart money exits once the asset has hit its top. However, most analysts agree that Bitcoin is not ready to stop. Bitcoin is set to reach over $9,000 before the end of the week and over $10,000 in the weeks to come. At over $10,000 FOMO begins to play an effect and could easily push BTC to its 2019 high of $14,000.

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Crypto Twitter Poll Shows Investors Are Ultra Bullish With 75% Saying Bitcoin Will Double
John Kiguru
John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

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