Crypto Enthusiasts Still Believe in Bull Run, Survey Shows

A recent survey conducted by CoinGecko reveals that the majority of crypto participants maintain a positive outlook on the current market cycle. Despite recent market fluctuations, 81.6% of respondents believe that the crypto bull run is not yet over.

Is the Crypto Bull Run Over?

According to the survey, 52.3% of participants estimate that the bull run is still in its early stages, while 29.3% believe it is midway through. In contrast, only 18.4% think the bull market is in its late stage or has already ended.

Investors are particularly optimistic, with 55.5% estimating that the bull run is just beginning or in its early stage, and 28.8% thinking it is in the middle. This adds up to 84.3% of investors who believe the bull run is ongoing. Traders and builders are slightly more cautious, with 78.6% of traders and 74.9% of builders sharing this sentiment.

The detailed breakdown of opinions among investors, traders, builders, and spectators is as follows:

Experience and Market Sentiment

Newcomers and veteran crypto participants share similar views on the market’s current state. Estimates for the starting or early stages of the bull run were made by 52.7% of participants in their first cycle (0 to 3 years of crypto experience), 52.2% of those in their second cycle (4 to 7 years), and 51.8% of those in their third cycle or beyond (8 or more years).

However, a higher percentage of veterans (23.4%) believe the market is in its late or ending stages, compared to 17.6% for both first and second cyclers.

Future Market Expectations

In a separate question on market beliefs, 60.4% of participants agreed with the statement, “We have not yet peaked for this cycle; the market will go up again.” This is nearly three times more than the 21.3% who believe, “We are in a supercycle, so the market will continue pumping.”

A combined 81.7% of participants believe the market will see a bullish continuation, either because crypto has yet to peak or has entered a supercycle. This further reinforces the consensus that the current crypto bull run is not over and still has potential for growth.

The remaining responses include 8.1% who think, “We have already peaked for this cycle; the market will only go down from here,” 6.1% who believe, “We are near the peak now; it’s time to take profits and exit the market,” and 4.1% who stated, “I’ve been sidelined, so I don’t care.”

Interestingly, 66.7% of second cyclers believe the current cycle has yet to peak, compared to 55.2% of first cyclers and 58.9% of third cyclers or beyond. However, second cyclers are more skeptical about the supercycle theory, with only 18.3% endorsing it.

Survey Methodology

The study analyzed the responses of 2,558 crypto participants in the anonymous CoinGecko Post-Halving Sentiment Survey conducted from June 25 to July 8, 2024. The survey should be considered indicative rather than definitive.

Among the participants, 69% identified as crypto investors with long-term holdings, 18% as traders with shorter-term holdings, 7% as builders, and 6% as sidelined spectators. In terms of experience, 46% were in their first cycle, 41% in their second cycle, and the remaining were veterans with over eight years in the crypto space. Geographically, 90% of participants were based in Europe, Asia, North America, and Africa, with the rest in Oceania or South America.

For more information, visit the original CoinGecko article.

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