- One-third predict Bitcoin below $20,000; 10% see it above $75,000.
- Bitcoin recovers to $70,686, up 6.48% over the past week.
- Deutsche Bank cites “Bitcoin Halving” for potential continued price rise.
Deutsche Bank, an international investment bank based in Germany, surveyed consumers about their expectations for Bitcoin’s future price movement. The survey revealed mixed opinions, with roughly one-third of the participants predicting that Bitcoin will fall below $20,000 by the end of the year.
This forecast implies that Bitcoin
Out of the more than 3,600 people surveyed, a mere 10% believe that Bitcoin will climb above $75,000 by the end of December. On the other hand, 40% hold a positive view of the future of cryptocurrency. In stark contrast, 38% foresee Bitcoin becoming obsolete, expecting it to lose all its value and relevance in the market.
Additionally, less than 1% of those surveyed dismiss cryptocurrencies as a temporary craze that will eventually disappear. The survey results mirror the ongoing discussion about Bitcoin’s long-term viability and consumers’ diverse perspectives on its future direction.
Bloomberg reported details from the survey indicating that Bitcoin has experienced substantial growth, fueled by the anticipation of high returns. Nonetheless, the report also notes that some experts warn about Bitcoin’s lack of inherent value and the risks involved.
Bitcoin saw its highest value in three weeks on Monday, recovering from recent lows. In March, it reached a record high of $73,803.25, bouncing back strongly from a significant drop in 2022.
Bitcoin is currently trading at $70,686, representing a 6.48% increase over the last week. The 24-hour trading volume data shows a 35.20% increase within a day, totaling $37.13 billion.
Coincodex data indicates that Bitcoin has exceeded its 200-day Simple Moving Average (SMA) of $47,411 by 49.07%. Over the past month, Bitcoin has had 16 days of price increases, which is 53% of the time, and has recorded a 150% rise year-to-date (YTD).
Analysts cited by Reuters attribute the recent upward trend to positive investor sentiment towards new Bitcoin investment products, such as physical Bitcoin ETFs, and the anticipation of interest rate reductions, bolstering the positive outlook for Bitcoin.
Additional analysis suggests that Bitcoin’s recovery to above $70,000 has increased investor confidence despite its volatility. Experts at Deutsche Bank forecast a continued rise for Bitcoin, citing the upcoming “Bitcoin Halving” event, which will decrease the rate at which new Bitcoin is created, as a basis for their prediction.
They also highlight other factors that could propel Bitcoin’s price upward, such as regulatory progress and the potential for the SEC to approve physical Ethereum ETFs, which are expected to contribute to Bitcoin’s price stability and growth shortly.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
