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A new Deutsche Bank survey reveals that consumer skepticism about Bitcoin has slightly decreased, yet less than a third of respondents still expect a sharp price decline by the end of 2024. More than 3,600 consumers participated in the survey released by Deutsche Bank on April 8th. Slightly more than half of the participants, 52%, agree that cryptocurrencies will become an important asset class and payment method in the future.
Deutsche Bank and Investor Analysis
A similar survey by Deutsche Bank in September 2023 showed less than 40% confidence, but the number of participants who saw crypto as a fleeting trend dropped below 1% in this survey. The survey also looked at Bitcoin prices in light of the upcoming halving event.
Deutsche Bank analysts expect the price to be supported by regulation, central bank interest rate cuts, and anticipation of a spot Ethereum exchange-traded fund approval from the United States Securities and Exchange Commission (SEC). One-third of survey participants expect Bitcoin to fall below the $20,000 price point by the end of 2024. This figure compares to 35% in February and 36% in January.
Noteworthy Details from the Survey
However, only 10% of respondents expect Bitcoin to exceed $75,000 by the end of the year. This survey follows many activities surrounding Bitcoin since the beginning of 2024. In January, the SEC approved the first US-based spot Bitcoin ETFs, which on March 12th saw a record net inflow of $1 billion in a single day.
In mid-March, the cryptocurrency reached an all-time high of $73,794, and some analysts expect it to rise further after the halving event, potentially by as much as 160%, which could mean reaching the $150,000 threshold.
The halving event is expected to take place in mid-April, with many predictions settling on April 20th. This event is causing some analysts to forecast a bullish trend for cryptocurrencies in the coming year, citing increased general demand and other macroeconomic factors driving the price.
