Bitcoin to $20,000? Deutsche Bank Survey Reveals Split on BTC Current Rally

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Based on a recent survey conducted by Deutsche Bank, the participants expressed skepticism towards Bitcoin‘s price, with some forecasting that the cryptocurrency could fall below $20,000. This surprising attitude among consumers might suggest hesitation about Bitcoin‘s future price movements following its record-breaking peak in mid-March.

According to a report from Bloomberg, Deutsche Bank conducted a survey of consumers who hold differing opinions on Bitcoin’s future value. Approximately one-third of these respondents believe that Bitcoin’s price will drop below $20,000 before the end of the year.

This means that Bitcoin’s price would need to drop by approximately $50,000 for it to return to prices last experienced during a lengthy bear market in 2022. Fewer than one in ten of the over 3,600 surveyed participants believed Bitcoin would reach $75,000 by the end of this year.

Approximately four out of ten survey participants were hopeful that Bitcoin would prosper in the future, contrasted with thirty-eight percent who believed it would cease to exist. Meanwhile, a March investigation disclosed that under one percent held the view that cryptocurrency was merely a passing trend.

Based on the results, there’s been a noticeable change in attitude towards Bitcoin. A large number of participants have voiced their doubts about its durability as a long-term investment and predicted uncertainty regarding its future value trend.

It’s noteworthy that Bitcoin’s value dropping below $20,000 is an unexpected turn of events considering its significant rise over the past few months. Prices peaked at over $73,000 around mid-March, setting new record highs.

When I penned down these words, Bitcoin was down by 1.61% over the past day, selling for $70,115. In contrast, Bitcoin’s impressive 67% growth in value during this year surpassed the achievements of conventional assets like global stocks and gold.

Although the survey reveals a downbeat perspective on Bitcoin’s price trends, it’s important to keep in mind that forecasting Bitcoin’s price fluctuations is an inherently speculative endeavor.

Bitcoin’s optimistic price calls

In contrast, there are more predictions of Bitcoin’s price increasing than decreasing.

Previously stated was the prediction of experienced trader Peter Brandt, who has been monitoring markets for over 40 years, that the current Bitcoin (BTC) bull market will reach a peak of approximately $200,000 – an increase from his earlier projection of $120,000.

Seven-figure price predictions exist for Bitcoin’s value, with one prominent example being Ark Invest’s Cathie Wood, who currently thinks $1 million may be too modest an estimate by the year 2030.

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2024-04-09 13:42