A new survey of South Korean crypto investors reveals a divided but cautiously optimistic outlook on the market, even after a recent price pullback triggered by the escalating war between Israel and Iran. The survey shows that 34.3% of respondents believe the current crypto bull run will continue despite the geopolitical turmoil.
Source: Coinness
They believe the latest pullback in crypto prices is temporary and does not define the overall market trend. The survey involved 2,000 respondents, including 1,506 males and 494 females.
Related: Top Cryptos Decline Massively as Israel-Iran War Escalates With the US Involvement
Survey Reveals Divided Outlook on Market Recovery
Although 34.3% of the respondents believe that the bull run is not over and the market will resume upwards after the initial stages of the war, only 29.2% expect a broad market rally to happen.
This category of respondents believes that Bitcoin will lead the rally and other cryptocurrencies will follow.
A Split Between Bitcoin and Altcoin Sentiment
Meanwhile, 13.3% of Korean crypto investors who participated in the survey do not see altcoins recovering from the pullback before sliding into a bear market. They think that only Bitcoin can initiate a comeback after the latest pullback.
Related: Bitcoin Price Prediction: Can BTC Reclaim the $103K Level After Sharp Rebound?
The remaining 23.2% of survey respondents have given up on the bull run. They believe the effects of the war have plunged cryptocurrencies into a bear market, and the prices will drop further in the future.
Market Context: Pullback From Recent Highs
Bitcoin slid below the $100,000 support level last Sunday for the first time since the beginning of May. That marked the pullback’s lowest point since the turnaround that followed the attacks and counterattacks between Israel and Iran.
The war started shortly after a crypto market surge that suggested the beginning of another rally phase. However, the current situation leaves investors wondering whether the surge will resume soon or if the market will succumb to the war’s effects.
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