An article by Vugar Usi Zade, COO of Bitget

Historically, Bitcoin halving has brought about a significant change in the way the world perceives digital assets. Every four years around the time of halving, we see investor sentiments change. Emerging market trends such as the NFT craze, the DeFi explosion and generative AI solutions have now built a runway for an anticipated paradigm shift. 

Since 2022, crypto and financial markets globally have faced harsh corrections and a long winter of volatile prices. After nearly reaching $69,000 at the end of 2021, Bitcoin lost more than half its value in just a few months, with other cryptocurrencies plunging similarly. To make it worse, global traditional finance was fighting its own battles, started by geopolitical crises and the COVID pandemic. 

However, in the last year, the crypto market—and Bitcoin, in particular—has gained significant traction. At last, we are seeing some major regulatory decisions taken in favour of crypto. With the Securities and Exchange Commission’s (SEC) recent approval of the first-ever spot Bitcoin ETFs, I do not have to go far for an example. 

To analyse the global investor sentiment around the most anticipated Bitcoin halving to date, Bitget launched an extensive survey involving 9,748 participants across six key regions, and the results show that the majority believe the winter might soon be over. 

Bitcoin Price Forecasts: 84% Expect the Next Peak

MENA, one of the key regions of the study, accounted for nearly 7.2% of the global crypto transaction volume in 2023. According to our findings, 80% of MENA investors expect the halving to impact Bitcoin’s price significantly. 

The research showed an evident bullish outlook in their BTC price forecasts. 54% of investors anticipate the token to move between $30,000 and $60,000 by April, while 34% expect it to break the $60,000 threshold around the time of the halving. 

In Latin America, this positive outlook is even more prevalent. Optimism peaks here, with 46% of investors projecting Bitcoin to climb above $60,000 and another 49% predicting its value will fall within the $30,000 to $60,000 range.

Although most investors anticipate Bitcoin prices to remain below $60,000 during the halving event, 84% of participants believe BTC will outdo its previous all-time high in the next bull market. Yet, only a quarter (26%) are confident the token will exceed the $100,000 mark within the year. 

In contrast, investors from Eastern Asia, Western Europe, and Latin America showed greater optimism about Bitcoin's potential to reach between $100,000 and $150,000, as compared to those in MENA. Nonetheless, an ambitious 11% of investors in MENA are forecasting an even more dramatic rise, predicting Bitcoin's value to surpass $150,000.

MENA Investors to Double Down on Crypto

Around this halving, the upward trend for crypto investments is significantly stronger, especially in MENA.

In Bitget’s survey, nearly 82% of MENA investors showed a clear intention to boost their investments this year (with the global average in our study at 70%). Notably, in Southeast Asia, only 64% of respondents intend to increase their investment. 

Overall, this year’s Bitcoin halving will be one to watch, and it might shape the future trajectory of the entire industry. Already seen as one of the largest markets for crypto, MENA will likely play a critical role in Bitcoin’s market dynamics in 2024. 

We’ve long heard the conversation that Bitcoin will break the $100,000 mark in the future, and it looks like the majority of the global crypto community expects this breakthrough. Either way, 2024 promises to be an intriguing year for Bitcoin, marked by heightened investor enthusiasm and positive sentiments.