30% of Deutsche Bank clients expect Bitcoin to drop below $20k

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In simpler terms,Deutsche Bank, a German financial institution, recently released a study indicating that people’s caution towards cryptocurrencies is easing up slightly.

Deutsche Bank, a large German investment bank based in Frankfurt, recently shared findings from a survey it conducted with over 3,600 American consumers. The results suggest a change in public opinion regarding cryptocurrencies. (Source: Reuters)

The data suggests a rising trend in the adoption of cryptocurrencies. Over fifty percent of survey participants (around 52%) consider them as significant for investments and transactions using digital currencies, which represents a 12% surge in acceptance since last September.

Yet, the survey reveals a note of caution from some participants, as approximately one-third predict Bitcoin‘s value will drop beneath $20,000 by the close of 2024. This segment exhibits a marginal decline since the beginning of the year.

A significant discovery from the study is the diminishing perspective that cryptocurrencies are just a fleeting fashion. According to the data, under 1% of participants share this opinion now, indicating an increasing recognition of crypto as a long-term financial tool. However, merely 10% of respondents forecast Bitcoin reaching over $75,000 by year’s end.

With Bitcoin about to experience its fourth reward reduction, or “halving,” event, there’s much discussion over how this could influence prices. In the past, Bitcoin’s price has typically dipped within the initial 90 days following halving events. Yet, some market experts propose that this time might be distinctive due to the recent surge of fresh investment through bitcoin-backed spot Exchange-Traded Funds (ETFs).

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2024-04-09 09:59