A survey conducted by Deutsche Bank in March shows that retail investors’ interest in cryptocurrencies is increasing and perception is becoming more positive. The report, published in April, stated that less than 1% of participants saw cryptocurrencies as a temporary trend. Here is the survey and Deutsche Bank analysts’ Bitcoin prediction
Deutsche Bank came to the fore with the survey
Deutsche Bank, one of the giant banks, came to the fore with a new survey and its analysts’ BTC prediction. According to the survey, very few participants think that cryptocurrencies are temporary. This finding coincides with the strong rally in crypto markets in the first quarter of 2024. In particular, the approval of spot Bitcoin (BTC) ETFs in January played an important role in this rise.
However, uncertainty about the future of Bitcoin remains. Only 10% of survey respondents expect the price of Bitcoin to exceed $75,000 by the end of the year. At the time the survey was published, the BTC price was around $69,000, decreasing by over 2% in the last 24 hours.
$20,000 by the end of 2024?
There are also some concerns among investors. Just over a third of respondents expect the Bitcoin price to fall below $20,000 by the end of 2024. More than 50 of those surveyed expressed concerns about the potential collapse of another major cryptocurrency in the next two years. In contrast, 40% of respondents expect Bitcoin to thrive in the coming years, while 38% predict it will disappear. The report also examined how consumers perceive cryptocurrencies. According to this:
- 78% of US consumers view cryptocurrencies as a commodity
- 76% are alternative assets,
- 74% see it as a store of value.
- 65% of respondents think cryptocurrencies can replace cash.
- 52% of those surveyed see cryptocurrencies as “an important asset class and payment method.”
Bitcoin Forecast from Deutsche Bank
Deutsche Bank analysts point out that the Bitcoin price moves with a very high correlation to the US stock market. According to analysts, the Bitcoin price is expected to return to $28,000 by the end of the year. This prediction implies a rally of more than 30% in Bitcoin price.
However, even if this rally occurs, the Bitcoin price will remain below half of the 69 thousand peak it saw in November. Analysts expect the S&P 500 to return to its January levels by the end of the year and Bitcoin to follow this move. The Deutsche Bank survey shows that individual investors’ interest in cryptocurrencies is increasing and perception is becoming more positive. However, the future of Bitcoin still remains uncertain. Investors should carefully consider the risks and rewards before investing in Bitcoin.
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