The survey provides an outlook on the mentality of cryptocurrency investors and how they predict market changes after the halving, targeting diverse 

demographics around the world.

The study included 9,748 participants from Western Europe, Eastern Europe, Southeast Asia, East Asia, the Middle East and North Africa region, and 

Latin America. The research methodology involved analyzing anonymous data, focusing on how investors view the Bitcoin halving and how their 

investment decisions will change as a result.

Walnut Research Highlights:

● 84% of participants expect BTC to exceed the previous bull run's all-time high of $69,000 in the next bull run, with the proportion exceeding 80% in 

almost all regions except Eastern Europe.

● About 70% of respondents said they plan to increase their cryptocurrency investments, with a higher proportion in the Middle East and North Africa 

and Eastern Europe, indicating a stronger inclination to increase investment.

● The data shows that Western European investors hold a "short-term cautious, long-term optimistic" sentiment.

Nearly 84% of investors surveyed believe that the Bitcoin halving will have a positive impact on the crypto market, pushing Bitcoin above its all-time 

high of $69,000. This sentiment is particularly strong in Latin American, East Asian, and Southeast Asian markets. In contrast, the European region shows 

more conservative expectations.

Beyond the halving, investors are convinced that Bitcoin will hit new all-time highs in the next bull run, and even the most cautious regions have shown 

considerable optimism about the future of cryptocurrencies. This outlook is supported by a combination of short-term caution and long-term 

confidence, especially in some European markets.

For the All-Time High (ATH) forecast for the next bull run, the majority (55%) expect Bitcoin prices to stabilize between $50,000 and $100,000, while a 

small number are more optimistic and expect Bitcoin prices to soar to more than $150,000. This optimism is particularly evident in Western Europe, a 

region that has been relatively conservative during the halving, with more than 51% of investors predicting the next high will be over $100,000.

The study also revealed interesting trends in investment intentions for 2024. Across the regions surveyed, about 70% of participants explicitly expressed 

their intention to increase cryptocurrency investment, indicating their confidence in the potential of the cryptocurrency market. This trend is particularly 

evident in regions such as the Middle East and North Africa and Eastern Europe, where there is a higher propensity to increase investment levels. In 

contrast, Southeast Asia and East Asia have a more mixed investment outlook, with a tendency to maintain current investment levels.

Walnut’s research on the impact of the BTC halving provides valuable insights into the changing landscape of cryptocurrency investment. The findings 

reflect a wide range of expectations and investment plans, indicating that 2024 will be an important year for the Bitcoin market.

We are pleased to see this positive sentiment emerge as market conditions continue to recover. At Walnut, we firmly believe that Bitcoin has the 

potential to become a true global store of value. As a leading exchange, we aim to contribute to the growth and development of the Bitcoin ecosystem 

through innovative products, educational resources, and unwavering support from the community. The road ahead remains bright, and we look forward 

to engaging more investors and institutions in Bitcoin’s continued success story.