Bitcoin (BTC) has shown a price increase of almost 60% since the beginning of this year. Nevertheless, Deutsche Bank research among consumers shows that about a third expect Bitcoin to fall below the $20,000 price level again by the end of 2024, which reported Bloomberg.
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Consumers are pessimistic about BTC
Currently, BTC is near an all-time high of $70,537.30, just ten days before the Bitcoin halving. This is unique due to the fact that Bitcoin has never before shown new all-time highs prior to a halving. During the previous four times that bitcoin was halved, the price showed strong growth just after the event. Many experts find the strong increase remarkable. This may explain why bitcoin has been moving sideways over the past month.
A price below $20,000 would mean Bitcoin falls back to the lowest level of the last bear market. More than 3,600 people were interviewed in the Deutsche Bank study, which was published at the end of March. Only 10% of respondents expect Bitcoin to reach $75,000 by the end of 2024. 40% are confident in a continuation of the bull market and 38% believe that Bitcoin will disappear completely. At the same time, less than 1% see Bitcoin as a bubble that is about to burst. This shows significant divisions over Bitcoin’s staying power among consumers.
Bitcoin ETFs in Hong Kong and England
With its nearly 70% year-over-year increase, Bitcoin has out-performed many other traditional asset classes. The reason for the recent increase is mainly due to the arrival of new inflows through the Bitcoin ETFs approved in January. The SEC approved all requested Bitcoin ETFs on January 10, opening the world to institutional investors. What is promising for BTC is that Bitcoin ETFs have now also been applied for in England and Hong Kong. After approval of these ETFs, Bitcoin may benefit even more from this in the long term.
Opponents of the coin argue that Bitcoin has no intrinsic value and is purely a speculative asset that will inevitably be liquidated in the long term. With the quadrennial event that Bitcoin is expected to undergo on April 19, the new supply will in any case decrease, making Bitcoin even scarcer.
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2024-04-09 17:05:23
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