A recent survey by Deutsche Bank Research reveals a bearish trend. panorama for Bitcoin among participants, with a third expecting the cryptocurrency to fall below $20,000 by the end of 2024.
A recent survey by Deutsche Bank Research reveals a bearish trend. panorama for Bitcoin among participants, with a third expecting the cryptocurrency to fall below $20,000 by the end of 2024.
This sentiment comes against a backdrop of significant price fluctuations.
The survey also highlighted that around 10% of respondents see Bitcoin stabilizing between $20,000 and $40,000, while around 25% are more optimistic, anticipating a rebound to levels above $40,000.
Global uncertainty
The survey outlined regional outlooks on the future price of Bitcoin, revealing a global sense of uncertainty.
American respondents showed the highest level of pessimism, with the majority expecting Bitcoin to fall below $20,000.
Eurozone participants were slightly more optimistic and fewer fell into the more bearish category.
In the UK, expectations were more evenly spread across the price range.
The most recent Bitcoin price drop
Bitcoin’s value took a hit today, falling to an intraday low of $39,494.65, dragging its market capitalization to $784.8 billion, along with a significant 24-hour trading volume of $30 billion.
There has been a marginal recovery with Bitcoin trading around $40,032.
The current drop in Bitcoin value is mainly related to massive outflows from Bitcoin ETFs, particularly the Grayscale Bitcoin Trust, which experienced an unprecedented outflow of $640 million in a single day.
