According to a recent survey by CoinGecko, many crypto investors are pessimistic about the recent price action in the cryptocurrency market. The performance of Bitcoin and other cryptocurrencies has undoubtedly left many investors wanting more in June and the first week of July.
These disappointing results are far from what many might have anticipated, especially since Bitcoin recently concluded its halving. CoinGecko’s report, which surveyed 2,558 respondents, shows that 49.3% of respondents still feel bullish on the market.
CoinGecko Report Reveals Decline in Bullish Sentiment
With the market that has recently experienced through a difficult timeIt is no wonder that investor confidence has been shaken. According to a new investigation According to CoinGecko, less than half of cryptocurrency holders still feel optimistic about their investments.
The survey, which ran from June 25 to July 8, 2024, examined the different sentiments of 2,558 participants on cryptocurrency to conclude that there was no clear consensus. However, the survey was able to conclude a decline in bullish sentiment that persisted for most of the first half of the year.
Only 45% of the surveyed crypto investors continue to wave the crypto flag with enthusiasm. This means that the majority of them are either on the defensive or have completely abandoned the project. More precisely, only 23.2% of respondents were completely optimistic, while 26.1% felt somewhat optimistic.
Additionally, 25.5% of traders were neutral and were not biased towards a bullish or bearish sentiment. On the other hand, 25.2% of respondents had a bearish view. This group was also divided into two cohorts: 11.8% of them were completely bearish, while 13.4% of them felt slightly bearish to some extent.
Despite the decline in bullish sentiment, it is important to note that the figures take into account all types of market participants, including spectators and short-term traders. These two groups of traders are not exactly known for their long-term bullish sentiment.
When analyzing sentiment by participant type, investors still maintain a bullish outlook, as 54.1% of crypto investors feel bullish, and only 20.7% have bearish sentiments. Investors are the ones most likely to hold their assets for the long term. Builders are the second most bullish, with 47.6% indicating bullish sentiments and 31.6% bearish.
As expected, short-term traders and spectators were the least optimistic. Only 39.0% of short-term traders expressed optimism and 33.5% were pessimistic. At the same time, only 28.5% of spectators were optimistic, compared to 42.4% who expressed bearish sentiments. Spectators are respondents who had no direct involvement in the cryptocurrency market at the time of the survey.
At the time of writing, crypto the market begins to recover and rose 2.98% over a 24-hour period. Investors are bracing for what could be a Bullish week for Bitcoin and other cryptocurrencies.
Featured image from IndyStar, chart from TradingView
