A new survey of cryptocurrency investors in South Korea revealed divergent, albeit cautiously optimistic, expectations for the market, even after recent price declines due to the escalating war between Israel and Iran. The survey shows that 34.3% of participants believe that the current bull run in the cryptocurrency market will continue despite geopolitical disruptions.
They believe that the recent decline in cryptocurrency prices is temporary and does not define the overall market trend. The survey included 2,000 respondents, of whom 1,506 were men and 494 were women.
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Survey Reveals Divergent Expectations About Market Recovery
Although 34.3% of respondents believe that the bull run is not over yet and that the market will resume its rise after the initial stages of the war, only 29.2% expect a broad market recovery.
This group of respondents believes that Bitcoin will lead this recovery, and that other cryptocurrencies will follow.
Divided Opinions Between Bitcoin and Alternative Cryptocurrencies
At the same time, 13.3% of the Korean cryptocurrency investors who participated in the survey do not see alternative cryptocurrencies recovering from the downturn before slipping into a bear market. They believe that only Bitcoin is capable of regaining momentum after the recent decline.
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The remaining 23.2% of survey participants have lost hope in the rise. They believe that the effects of the war have pushed cryptocurrencies into a bear market, and that prices will decline further in the future.
Market Context: Retreat from Recent Highs
Bitcoin fell below the support level of $100,000 last Sunday for the first time since early May. This marks the lowest point of the decline since the aftermath of the attacks and counterattacks between Israel and Iran.
The war began shortly after a rise in the cryptocurrency market that indicated the start of another bull phase. However, the current situation leaves investors wondering whether the rise will resume soon or if the market will succumb to the effects of the war.
