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Highlights
- Bitcoin recovered the losses from last week and traded above $71,000 today.
- Analysts are optimistic about Bitcoin's price trajectory as bulls are dominating the market.
- However, Deutsche Bank customers are skeptical about BTC's future with one-third of the survey participants believing that Bitcoin will slump below $20,000.
Despite the surging popularity of Bitcoin and cryptocurrencies, a recent survey conducted by Deutsche Bank suggests a notable divergence in sentiment among consumers. Meanwhile, significant portion of the survey participants believe that the Bitcoin price will slump below $20,000 by the end of 2024.
Deutsche Bank Customers Expect Bitcoin Price To Slip Below $20,000
The survey, encompassing 3,600 participants, reveals a significant shift in perception towards digital assets. In addition, over half of respondents (52%) acknowledged Bitcoin and cryptocurrencies as an important asset class and a prospective method of transaction in the future.
However, amidst this growing acceptance, concerns about Bitcoin’s future price trajectory linger. Only a mere 10% of respondents anticipate Bitcoin to soar above $75,000 by the end of 2024. Whilst, approximately one-third foresee the price plunging below $20,000.
This pessimistic outlook stands in stark contrast to the bullish sentiment prevailing among analysts. The community recently witnessed Bitcoin’s price surge beyond $72,000 and attain unprecedented highs. Hence, analysts have also provided a robust outlook.
Analysts attribute the divergence in opinions to various factors, including institutional inflows into the market and the impending halving event. These events have historically catalyzed a significant price rally in Bitcoin. They argue that the current institutional appetite and sustained inflows into the crypto space will deter such a correction.
Moreover, the recent approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC) is perceived as a positive development. Last week’s rebound in Bitcoin ETF Bitcoin ETF inflows has also positively affected the BTC price.
Also Read: Experts Predict Bitcoin Price Crash If BTC Repeats This Pattern
Analyst Predictions On BTC’s Future
Despite the prevailing optimism among analysts, the Deutsche Bank survey underscores lingering skepticism among a portion of consumers. They remain apprehensive about Bitcoin’s long-term viability. However, on the flip side, the overwhelming majority (99%) of respondents dismiss the notion of cryptocurrencies being a transient trend.
Furthermore, in a recent analysis conducted by prominent crypto analyst Ali Martinez, Bitcoin bulls seem to have the upper hand. Currently, the support levels outnumber resistance in the current price range. According to Martinez, there are approximately 1.4 million addresses collectively holding 893,000 BTC within the price range of $68,220 to $70,325. Hence, this indicates significant support for Bitcoin within this range.
On the other hand, resistance levels are comparatively lower, with around 474,000 addresses holding 285,000 BTC between the price range of $70,760 to $71,200. This suggests that there is less selling pressure at these levels, providing an advantage to Bitcoin bulls.
Martinez’s analysis highlights a favorable scenario for Bitcoin bulls, indicating a potential upward momentum in the BTC price. Moreover, Bitcoin maximalists like Samson Mow and Robert Kiyosaki have offered bold predictions for the Bitcoin price trajectory. Furthermore, Kiyosaki even expects BTC to touch $100,000 as early as September 2024, which contrasts the pessimistic opinion of Deutsche Bank customers.
Also Read: Tether Completes $500M BTC Mining Investment Ahead Of Halving: Paolo Ardoino
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