A recent Deutsche Bank Research survey reveals a bearish outlook for Bitcoin among participants, with a third expecting the cryptocurrency to drop below $20,000 by the end of 2024.
This sentiment comes amidst a backdrop of significant price fluctuations.
The survey also stressed that about 10% of respondents see Bitcoin stabilizing between $20,000 to $40,000, while approximately 25% are more optimistic, anticipating a rebound to levels above $40,000.
Global uncertainty
The survey outlined regional perspectives on Bitcoin's future price, revealing a global sense of uncertainty.
U.S. respondents showed the highest level of pessimism, with the majority expecting Bitcoin to fall below $20,000.
Eurozone participants were slightly more hopeful, with fewer falling into the most bearish category.
In the UK, expectations were spread more evenly across the price range.
The most recent Bitcoin price crash
Bitcoin's value took a sharp hit today, plummeting to an intraday low of $39,494.65, which dragged its market capitalization down to $784.8 billion, alongside a significant 24-hour trading volume of $30 billion.
There has been a marginal recovery with Bitcoin trading around $40,032.
The current downturn in Bitcoin's value is primarily linked to massive outflows from Bitcoin ETFs, particularly from the Grayscale Bitcoin Trust, which saw an unprecedented $640 million exit in a single day.
Tomiwabold Olajide
Godfrey Benjamin
