Alex Dovbnya
Deutsche Bank’s latest survey could be bad news for Bitcoin bulls
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A recent survey by Deutsche Bank Research shows participants have a pessimistic outlook for Bitcoin. A third expect the cryptocurrency to fall below $20,000 by the end of 2024.
This mood arises against the background of significant price fluctuations.
The survey also highlighted that about 10% of respondents expect Bitcoin to stabilize between $20,000 and $40,000, while about 25% are more optimistic and expect a recovery to levels above $40,000.
Global uncertainty
The survey outlined regional perspectives on the future price of Bitcoin and revealed a global sense of uncertainty.
US respondents showed the highest level of pessimism, with the majority expecting Bitcoin to fall below $20,000.
Eurozone participants were slightly more hopeful and fewer fell into the most pessimistic category.
In the UK, expectations were more evenly spread across the price range.
The recent crash in Bitcoin price
Bitcoin's value suffered a sharp decline today, falling to an intraday low of $39,494.65, dropping its market cap to $784.8 billion, along with a significant 24-hour trading volume of $30 billion -Dollar.
There was a minor recovery, with Bitcoin trading at around $40,032.
Bitcoin's current decline in value is primarily linked to massive outflows from Bitcoin ETFs, particularly the Grayscale Bitcoin Trust, which saw an unprecedented $640 million exit in a single day.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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