A new survey conducted by Deutsche Bank Research revealed the different views and expectations of investors and analysts regarding the future of Bitcoin (BTC), the world’s largest and most popular cryptocurrency. In the survey conducted in January 2024, participants were asked to predict the price of Bitcoin by the end of the year. The results showed that there was no clear consensus among participants, they expressed varying degrees of optimism or pessimism about the future of Bitcoin.
Bitcoin prediction: A decline below $ 20,000 is expected
According to the survey, around 33% of respondents expect Bitcoin to fall below $20,000 by the end of 2024, indicating a bearish trend for the cryptocurrency. This sentiment emerges in an environment of significant price fluctuations, as Bitcoin has experienced many ups and downs over the past few months. In November 2023, Bitcoin reached a record high of over $68,000, driven by increased institutional adoption and regulatory clarity. However, in December 2023, Bitcoin fell below $40,000 after a series of negative events such as the hack of a major crypto exchange, the ban on crypto mining in China, and the tightening of tax rules in the US.
Since then, Bitcoin has been trying to regain lost ground as it faces increasing volatility and uncertainty. At the time of writing, Bitcoin is trading around $45,000, down more than 30% from its peak. However, not all participants are pessimistic about the future of Bitcoin. The survey also highlighted that about 10% of respondents think Bitcoin will stabilize between $20,000 and $40,000, while about 25% are more optimistic and expect a recovery to levels above $40,000.
global uncertainty
These participants may have a more optimistic outlook for Bitcoin, as they believe that the cryptocurrency has inherent value and potential and that the current challenges are temporary and will be overcome. They can also point to positive developments supporting Bitcoin’s growth, such as increased adoption by mainstream companies and investors, innovation and improvement of technology and infrastructure, and increasing public awareness and acceptance.
The survey also outlined regional perspectives on Bitcoin’s future price, revealing a global sense of uncertainty. US respondents had the highest level of pessimism, with the majority expecting Bitcoin to fall below $20,000. This may reflect the impact of the US regulatory and tax environment, which is seen as unfriendly and restrictive for the crypto industry. Eurozone participants were slightly more hopeful, with fewer falling into the most bearish category. This may reflect the influence of the European Union, which is more supportive and progressive in terms of crypto regulations and innovation.
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