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Bitcoin Seen Below $20,000 in Consumer Survey by Deutsche Bank

Published 09/04/2024, 20:59
Updated 09/04/2024, 21:15
© Investing.com Bitcoin Seen Below $20,000 in Consumer Survey by Deutsche Bank

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  • Deutsche Bank survey indicates divided sentiment on Bitcoin’s future.
  • 10% of respondents anticipate Bitcoin surpassing $75,000 by December.
  • Experts from Deutsche Bank predict Bitcoin will maintain a sustained upward trend.

Deutsche Bank, a German multinational investment bank, surveyed consumers regarding Bitcoin’s future trajectory. The results show a divided sentiment, with about one-third of respondents anticipating the world’s first cryptocurrency to plummet below the $20,000 mark by the year’s end.

This projection suggests that Bitcoin will lose $50,000 from its current valuation. This price dip will see the coin reach levels observed during the crypto winter of 2022.

Of the over 3,600 individuals surveyed, only 10% predict Bitcoin will surpass $75,000 by December’s close. Meanwhile, 40% are confident in the cryptocurrency prospects. In contrast, 38% anticipated its eventual disappearance, anticipating Bitcoin to lose its total value and market relevance.

Meanwhile, less than 1% of respondents consider cryptocurrencies “just a fad that will eventually fade.” The survey’s findings reflect the ongoing debate surrounding Bitcoin’s viability and the various opinions held by consumers regarding its future trajectory.

According to details from the survey reported by Bloomberg, Bitcoin has witnessed significant growth, driven by expectations of considerable returns. However, the report maintains that some analysts have cautioned against its lack of intrinsic value and associated risks.

Bitcoin reached its highest point in three weeks on Monday, rebounding from its recent lows. In March, it attained an all-time high of $73,803.25, rebounding impressively from a significant decline observed in 2022.

At press time, the coin trades at $70,686, reflecting a 6.48% increase over the past seven days. Data from its 24-hour trading volume shows an intraday surge of 35.20%, reaching $37.13 billion.

According to data from Coincodex, Bitcoin has surpassed its 200-day SMA of $47,411 by 49.07%. Over the past 30 days, Bitcoin has seen 16 green days, accounting for 53% of the period, while printing a 150% gain on a YTD.

Reports from analysts quoted by Reuters attribute this recent northward movement to the positive investor’s outlook regarding new investment in Bitcoin investment avenues, such as spot bitcoin ETFs. Additionally, the prospect of interest rate cuts is believed to have contributed to Bitcoin’s positive sentiment.

Further reports from analysts suggest that Bitcoin’s resurgence above the $70,000 mark has driven up investor confidence in the coin despite its inherent risks. Experts from Deutsche Bank predict Bitcoin will maintain a sustained upward trend, basing this projection on the impending “Bitcoin Halving” event, which involves reducing the rate of new Bitcoin creation.

They also point to other factors that might fuel Bitcoin’s upward trajectory. These include regulatory developments and the potential approval of spot Ethereum ETFs by the SEC, which are expected to support Bitcoin’s price stability and growth in the foreseeable future.

The post Bitcoin Seen Below $20,000 in Consumer Survey by Deutsche Bank appeared first on Coin Edition.

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