LUCKNOW (CoinChapter.com) — The price of Bitcoin may crash to $20,000 by the end of 2024, according to a recent survey conducted by Deutsche Bank.
Survey Insight Reveals Bitcoin’s Fate — Bull or Bear?
A total of 3,600 people participated in the survey, wherein about one-third of respondents expect BTC to fall below $20,000 by the end of 2024. This would represent a decline of approximately $50,000 from Bitcoin’s current trading price, taking it back to levels last seen during the crypto bear market of 2022. In stark contrast, only 10% of those surveyed believed BTC would rise above $75,000 by the end of the year.
The survey results suggest deep uncertainty about Bitcoin’s long-term prospects. While 40% of respondents expressed confidence in Bitcoin thriving over the next few years, a sizable 38% actually expected it to disappear entirely. Remarkably, less than 1% of those polled considered cryptocurrencies to be a mere fad.
These diverging views come as BTC currently trades around $70,519, down 2.06% from a day ago.
BTC/USD Price Chart. Source: CoinMarketCapThe BTC had earlier achieved a new all-time high of $73,798 in mid-March. Despite the recent pullback, it has still posted a 67% gain so far this year, outperforming traditional assets like global stocks and gold.
Factors Influencing Bitcoin’s Price
The survey results highlight the conflicting forces at play in the Bitcoin market. On one hand, the launch of new U.S. spot Bitcoin exchange-traded funds (ETFs) in recent months has driven significant investment inflows into the cryptocurrency. This is why some supporters argue that crypto demand will continue to grow.
However, Bitcoin’s detractors maintain that the cryptocurrency has no inherent value and is merely a speculative playground setting the stage for an inevitable reckoning. These opposing views reflect the deep ideological divide surrounding the role and future of Bitcoin and other digital assets.
Adding to the uncertainty is Bitcoin’s upcoming “halving” event, scheduled for this month. This four-yearly occurrence cuts the new supply of Bitcoin issued, a process that some analysts believe could act as a bullish tailwind for the cryptocurrency’s price.
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