Market News

Bitcoin Seen Below $20,000 in Consumer Survey by Deutsche Bank - BLOOMBERG

APRIL 09, 2024

BY  Ryan WeeksBloomberg News

Source: Deutsche Bank survey of consumers.

Source: Deutsche Bank survey of consumers. ,

(Bloomberg) -- Consumers are divided over Bitcoin’s staying power, with about one-third expecting the world’s largest cryptocurrency to slide below $20,000 by the end of the year, according to a survey by Deutsche Bank.

That would slice approximately $50,000 off the token’s current price and take it back to levels last seen during a deep bear market in 2022. Just 10% of over 3,600 people surveyed saw Bitcoin above $75,000 by the end of December.

Some 40% of respondents were confident about Bitcoin thriving over the next few years but 38% expected it to disappear. At the same time, less than 1% considered crypto a fad, the survey conducted over March showed. 

The original cryptocurrency traded 1.4% lower at about $70,700 as of 7:50 a.m. Tuesday in London. It achieved an all-time peak of $73,798 in mid-March. Bitcoin’s 67% rise this year tops traditional assets like global stocks and gold.

A flood of inflows into three-month-old US spot-Bitcoin exchange-traded funds lifted the token and led supporters to argue that crypto demand will widen. Detractors say Bitcoin has no intrinsic value and is purely a speculative playground storing up an inevitable reckoning.

Bitcoin this month will undergo the so-called halving, a four-yearly event that slashes new supply of the token. Some view that as a bullish tailwind. 

Read more: What Is Bitcoin ‘Halving’? Does It Push Up the Price?: QuickTake

“You’re seeing a lot of continued traction that’s coming into the market because of the upcoming halving,” Victoria Bills, chief investment strategist at Banrion Capital, said on Bloomberg Radio.


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