The world’s oldest and largest cryptocurrency broke below the $69,000 level today, and many retail investors, according to a Deutsche Bank Research survey, think it will be even lower by year-end.
Bitcoin To $20,000?
Respondents to a Deutsche Bank survey are bearish on Bitcoin’s price, with some forecasting that the cryptocurrency’s value could slip below $20,000.
The bank surveyed over 3,600 U.S., U.K., and European consumers, and the majority are split over Bitcoin’s staying power, with roughly over one-third of the respondents expecting BTC’s drop to $20K by year-end.
Bitcoin is priced at $68,821 at press time as cryptocurrencies crashed Tuesday, paring optimism after Monday’s run to $72,600 heights. A fall to $20,000 would shave $48,821 off of BTC’s current price, driving it back to levels last seen during the lengthy 2022 crypto winter.
Only 10% of the people polled predicted the Bitcoin price to hit $75,000 by the end of this year.
The most striking result of the survey was that more people believed Bitcoin would stick around than those who said It would disappear in the coming years. In particular, 40% of respondents were convinced that Bitcoin would continue flourishing, while 38% expected it to go away soon.
The overall poor sentiment may indicate uncertainty for Bitcoin’s price movement after setting the current all-time high of $73,737 in mid-March. Despite the gloomy outlook portrayed by the bank’s survey results, it’s pertinent to note that forecasts about Bitcoin’s future price action are innately speculative.
Moreover, most industry experts like Skybridge Capital founder and managing partner Anthony Scaramucci are highly bullish on Bitcoin, thanks to the mining reward halving due April 20.
The bullish narrative stems from historical data indicating that the maiden crypto tends to chalk out spectacular multi-month upsurges in the months after the halving. While the impending halving will create a supply shock as the previous ones had, the event’s effect could be magnified by the concurrent demand shock produced by the largely successful U.S.-based spot BTC exchange-traded funds (ETFs).
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