The Deutsche Bank survey indicates a pessimistic Bitcoin price outlook, with 33% expecting it to fall below $20,000 by 2024, while 15% expect stabilization between $40,000 and $75,000.
A recent Deutsche Bank survey conducted between January 15-19, 2024, involving 2,000 respondents from the US, UK, and Eurozone, revealed a pessimistic outlook for the price of Bitcoin. The findings show that more than a third of respondents believe the value of Bitcoin could fall below $20,000 by the end of 2024. In contrast, about 15% of those surveyed maintained a more optimistic outlook, predicting that the price of Bitcoin could stabilize between $40,000 and $40,000. $75,000 by the end of the year.
This bearish sentiment among retail investors is influenced by several factors, including Bitcoin’s recent performance and the broader cryptocurrency market. After reaching a peak of approximately $49,000 on January 11, 2024, due to the excitement surrounding the launch of a spot Bitcoin exchange-traded fund (ETF) in the US, the price of Bitcoin subsequently saw a significant decline, to around $39,791. fell. A report from Deutsche Bank analysts suggests that the launch of a new spot Bitcoin ETF could make Bitcoin more institutionalized, yet most of the ETF inflows have originated from retail investors.
Additionally, the survey highlights widespread concerns about the stability of the cryptocurrency market. More than half of those surveyed feared a major cryptocurrency collapse in the next two years, due to the collapse of crypto exchange FTX and the collapse of stablecoin TerraUSD (UST) in 2022, as well as ongoing regulatory action. Can. America
In terms of Bitcoin ETFs, the market has seen record outflows, particularly impacting Grayscale Investments’ Bitcoin Trust ETF, despite overall positive trends since their inception. Industry experts and companies including Tesla remain optimistic on the long-term outlook of BTC, expecting substantial capital inflows into the ETF.
Amidst regulatory uncertainties and past market issues, these findings and market behavior reflect a cautious or skeptical outlook towards the future of cryptocurrencies like Bitcoin. The survey also highlights a significant gap in understanding of cryptocurrencies, with two-thirds of consumers admitting to having little or no knowledge about the digital assets, which may be contributing to the cautious sentiment.
In short, while the short-term outlook for Bitcoin appears to be bearish according to the survey, as suggested by industry experts and some corporate players, the long-term perspective remains more optimistic.
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