Data reveals that Australians are more bullish than ever when it comes to crypto, and many of them believe Bitcoins bull run has not reached its peak yet.
While historical data shows that March is usually a bearish month for Bitcoin – over 75% of Australians believe the market price for Bitcoin could reach levels over AU$ 60k in the next six months, and some even are targeting AU$100k by the end of the year.
The Australian crypto-exchange, Coinspot, recently published a poll where nearly 1,200 voted in about BTC’s status in the next 6 months. By now, over 78% believe the price will reach over AU$ 60k —while only 22% believe the price will drop.
Bitcoin Adoption Still Growing
Although many believe that the current status of this market will turn negative in March, institutions are still buying it in big quantities. In February alone almost $3 Billion has been invested into crypto. And the number of active Bitcoin addresses continues to grow consistently, as shown in the graph below.
Even so, some Australians believe Bitcoin could reach levels overs AU$ 100k at the end of 2021.
The bullish sentiment of Aussies remains strong —even some are rushing in by using SMSF to buy crypto. Depending on demographics, some Australians are buying crypto as a retirement investment, like Baby Boomers, while younger Aussies want to be part of the process out of FOMO, and make profits along the way.
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