Nearly one-third of Deutsche Bank clientele anticipate Bitcoin’s value to fall below $20k.
German multinational investment banking giant, Deutsche Bank, has released a survey revealing a shift in consumer sentiment towards cryptocurrencies. The survey, conducted in the US, involved over 3,600 participants and showed that more than half of them (approximately 52%) now consider cryptocurrencies to be an important asset class and a future method of payment. This marks a 12% increase compared to figures from September 2023. However, the survey also highlighted a cautious sentiment among respondents, with 30% predicting that Bitcoin’s price will drop below $20,000 by the end of 2024. Nevertheless, this group has shown a slight decrease since January. Interestingly, the survey indicated a decline in the belief that cryptocurrencies are just a passing trend, with less than 1% of respondents holding this view. This suggests that there is a growing acceptance of crypto as a long-term financial instrument. However, only 10% of respondents expect Bitcoin to exceed $75,000 by the end of the year. As Bitcoin approaches its fourth halving event, where miner rewards are halved, there is speculation about its potential impact on prices. Historically, Bitcoin has experienced price declines within the first 90 days following halving events. Nonetheless, some analysts argue that the current landscape may be different, pointing to the influx of new capital through spot Bitcoin exchange-traded funds (ETFs) as a potential game-changer.
