According to a recent consumer poll conducted by Deutsche Bank, there’s a divided opinion among respondents about Bitcoin‘s price trend moving forward. This pessimistic viewpoint emerges as Bitcoin‘s value has experienced significant ups and downs, much like a rollercoaster ride.
The asset reached a new record height not long ago, only to experience a substantial drop afterward. However, it has rallied and gained almost 10% over the past week.
Bitcoin Survey Sends Shivers
Participants expressed a significant amount of skepticism regarding cryptocurrency, with certain individuals anticipating a possible decline to under $20,000.
The sudden expression of doubt hints at market instability, especially following Bitcoin’s all-time price peak in mid-March.
Among the 3,600 respondents in the survey, around a third predict that Bitcoin’s value will fall back to its 2022 bear market levels.
Although people are hesitant about their feelings towards consumers, the outlook for Bitcoin’s future seems more hopeful according to experts. For instance, Mike Novogratz, CEO of Galaxy Digital, believes that Bitcoin could experience substantial gains due to the projected interest rate reductions from the Federal Reserve this year.
The Federal Reserve has hinted at reducing its key interest rate by as much as three-quarter points, but it’s unclear when and how much they will actually cut. This uncertainty is causing investors to keep a close eye on the situation, with their expectations for rate decreases frequently changing over the past few months.
Novogratz holds the view that the Fed’s move to reduce interest rates could bring significant consequences for the American economy and different investments. Despite voicing worries over insufficient justifications for the rate decrease, he remains optimistic that it will materialize as anticipated.
Bitcoin Technical Analysis And Price Predictions
Besides the views of industry specialists, tech experts are also sharing their perspectives on Bitcoin’s possible price fluctuations. For instance, an analyst named TechDev has spotted a unique technical configuration in Bitcoin’s past price trends.
Based on an analysis of Bitcoin’s price history since 2011, TechDev identified a notable trend: When Bitcoin’s price closed above its upper Bollinger bands for two successive months, the cryptocurrency tended to experience a significant price increase – roughly doubling within the following three months.
According to TechDev’s assessment, Bitcoin’s value may reach nearly $140,000 by July 2024 based on technical analysis. This insight contributes to the ongoing debate about Bitcoin’s price movement and provides investors with a possible guide for their investment strategies.
Currently, Bitcoin’s price has shown significant fluctuations. Over the last week, it has risen by 8%, while in the previous 24 hours, there was a minor decrease of 2%.
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2024-04-10 03:11