Nearly 10,000 cryptocurrency investors have expressed strong optimism for record-breaking Bitcoin highs in anticipation of the upcoming fourth Bitcoin halving, a sentiment study by Bitget reveals. The survey aimed to capture the mood and expectations surrounding Bitcoin’s impending mining reward halving, drawing from a diverse pool of participants across various global regions including Western and Eastern Europe, South and Southeast Asia, the Middle East and Northern Africa, and Latin America.

Conducted between November and December 2023, the study garnered responses from 9,748 individuals, anonymizing the data for analysis. A significant 84% of respondents believe that Bitcoin will outdo its 2021 bull market peak of $69,000. Eastern Europe presented a slightly more conservative outlook, with 75% anticipating Bitcoin to exceed its previous high.

Western European investors emerged as the most bullish about Bitcoin’s potential, with 41% forecasting that the cryptocurrency will breach the $100,000 threshold. However, the report noted a nuanced perspective within this group, hinting at a sentiment of being “short-term cautious, long-term optimistic,” particularly as some harbor doubts about the halving’s immediate impact on Bitcoin’s price.

In contrast, participants from Latin America, East Asia, and Southeast Asia displayed strong conviction in the halving’s significant influence on Bitcoin’s valuation. Over 80% of respondents from these regions expect the mining reward halving to markedly affect Bitcoin’s price.

However, not all share this bullish sentiment. Bitcoin advocate Paul Sztorc provided a more tempered perspective, portraying the halving as a critical test for the mining sector, especially as rewards diminish while hash rates and mining difficulty soar. Sztorc cautioned that the immediate price implications of the halving might not align with some of the more optimistic predictions.

Echoing this cautious stance, Bitcoin proponent and cryptographer Adam Back suggested in a December 2023 interview that the next peak in Bitcoin’s price might materialize 18 months post-halving, hinting at a more gradual impact of the event on the market.