Kraken’s research arm, Kraken Intelligence, has released a research report with industry participants that discusses Bitcoin price expectations.
Kraken Intelligence, the research arm of the cryptocurrency exchange Kraken, put the expectations of cryptocurrencies on the table in 2020 in the study, in which 400 people and institutions from all over the world participated .
Participants of the study included individual traders, institutions, investors, payment companies, cryptocurrency exchanges and miners. The assets under the management of 84.1 percent of them were less than $ 10 million, while 2.6 percent were over $ 100 million, 2.6 percent were over $ 50 million and 10.6 percent were over $ 10 million.
The average 2020 price target specified by the participants for Bitcoin is 22 thousand 866 dollars. The average forecast for Ether is $ 810. The research was conducted in January, when Bitcoin was trading at $ 9000 and Ether at $ 170.
50 percent of those surveyed think that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin ETF this year.
Another prominent finding is that the participants are primarily based on technical analysis when making investment / sales decisions. Then comes the basic analysis, market sentiment and industry research reports.
Finally, Tether (USDT) is overwhelmingly favorite among stable crypto users, with 60.4 percent.