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Bitcoin to $20,000? Deutsche Bank Survey Reveals Split on BTC Current Rally

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Tue, 9/04/2024 - 10:25
Bitcoin to $20,000? Deutsche Bank Survey Reveals Split on BTC Current Rally
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According to a recent consumer survey carried out by Deutsche Bank, respondents indicated pessimism about the Bitcoin price, with some predicting the cryptocurrency's value could dip below $20,000. This unexpected sentiment among customers may indicate uncertainty for Bitcoin's price action after reaching record highs in mid-March.

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As reported by Bloomberg, consumers recently surveyed by Deutsche Bank are divided over Bitcoin’s staying power, with roughly one-third predicting the world's largest cryptocurrency to fall below $20,000 by the end of the year.

This implies a $50,000 decline in BTC's current price, returning it to levels last seen during a prolonged bear market in 2022. Only 10% of the more than 3,600 respondents polled expected Bitcoin to reach $75,000 by the end of December.

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About 40% of respondents were optimistic that Bitcoin will thrive in the coming years, while 38% expected it to disappear. At the same time, the March study revealed that less than 1% thought cryptocurrency was a fad.

The findings indicate a notable shift in sentiment, with a significant portion of respondents expressing skepticism about Bitcoin's long-term viability and future price trajectory.

The expectations of Bitcoin falling below the $20,000 mark are particularly striking given the cryptocurrency's rapid climb in recent months, with prices reaching all-time highs of more than $73,000 in mid-March.

At the time of writing, BTC had dropped 1.61% in the previous 24 hours to $70,115. Bitcoin's 67% increase this year outperformed traditional assets such as global stocks and gold.

Despite the pessimistic outlook expressed in the survey, it is essential to note that predictions about Bitcoin's future price movements are inherently speculative.

Bitcoin's optimistic price calls

On the other hand, optimistic calls on the Bitcoin price seem to far outweigh bearish calls of this nature.

As previously reported, Peter Brandt, a trader with over four decades of experience tracking markets, expects the ongoing Bitcoin (BTC) bull market to peak at $200,000, up from his initial forecast of $120,000.

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There are also seven-figure price targets for the Bitcoin price. One of the most well known comes from Ark Invest's Cathie Wood, who now believes a $1 million Bitcoin price will be overly conservative by 2030.

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