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Crypto Christmas: 67% of Korean Investors Hope for a Santa Rally in Bitcoin Prices

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Six out of ten Korean cryptocurrency investors anticipated a bullish Bitcoin market next week (December 23-27).

This outlook reflects improved market sentiment and growing optimism among investors.

Cryptocurrency commemorative coins / Boyloso-shutterstock.com
Cryptocurrency commemorative coins / Boyloso-shutterstock.com

A weekly survey on Korean investor market trends, conducted jointly by blockchain-based mobile voting app Cratos and cryptocurrency investment info app Coinness, released its findings on December 22.

The survey revealed that 57.2% of respondents expect Bitcoin prices to rise or surge this week, an increase of 18.1% from the previous week.

Meanwhile, those predicting sideway trends slightly decreased to 29.7%. Notably, respondents forecasting a drop or sharp decline plummeted from 23.5% to 13.1%.

These results indicate that investors have a significantly more positive outlook on the Bitcoin market than before.

The market sentiment survey also highlighted widespread optimism. Of the investors surveyed, 49.4% described the current market sentiment as optimistic or highly optimistic. 37% remained neutral, while only 13.6% expressed fear or extreme fear.

As Christmas approaches, expectations for a “Santa Rally” also rise. According to the survey, 67.4% of respondents anticipate a Santa Rally in the crypto market around Christmas. The Santa Rally refers to a phenomenon typically seen in stock and asset markets where prices rise near year-end, and it is now expected to appear in the cryptocurrency market. On the flip side, 17.8% of respondents don’t anticipate a Santa Rally, while 14.8% expect a modest uptick, although it’s not at the rally level.

The survey, conducted by Pharos Labs, polled 2,000 participants over five days from December 16 to 20. It has a margin of error of ±3.0% and a 95% confidence level.

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