Deutsche Bank has issued a warning that Bitcoin (BTC) may experience a significant drop below $20,000, reaching the lows seen in 2022. Despite this cautionary note, many experts still believe that Bitcoin could achieve an all-time high of over $100,000 by the end of the year.
A recent survey conducted by Deutsche Bank reveals that investors are predominantly bearish about the future of Bitcoin. While the cryptocurrency has demonstrated price stability around $70,000, the survey respondents overwhelmingly expressed pessimism. Out of the 3,600 people surveyed, one-third predicted that Bitcoin would plummet from $50,000 to $20,000, levels not seen since the bear market of 2022. On the other hand, 40% of respondents remain confident that Bitcoin will continue to flourish, while 38% anticipate its complete disappearance. Only 1% considered Bitcoin to be a passing fad.
The recent introduction of Bitcoin spot ETFs, however, makes it less likely for BTC to experience a bearish turn. This further reinforces its future and distinguishes it from being a mere fad or facing extinction. BlackRock’s Bitcoin ETF, for instance, has rapidly amassed $20 billion in assets, placing it among the top 3% of ETFs worldwide, as reported by CNF.
ETF expert Eric Balchunas highlights that the Bitcoin ETF is currently ranked 88th among all ETFs, outperforming the majority of its counterparts. This demonstrates the immense interest in digital assets among institutional investors, both in the U.S. market and increasingly in Europe and Asia. Hong Kong is set to launch Bitcoin Spot ETFs with significant Chinese funding, signaling the growing prominence of digital assets in traditional finance. Additionally, Cboe plans to issue a multi-share class fund that combines ETFs and mutual funds, which experts predict will lead to an increase in the number of ETFs and ETF assets if approved by the SEC.
As of now, BTC is trading at $68,650, experiencing a slight decrease of less than 1% in the past 24 hours. Despite dropping below the $70,000 support, the altcoin still shows a 4.5% increase on a weekly basis.
The upcoming Bitcoin halving event is expected to have a bullish impact on the cryptocurrency. In previous cycles, this event has resulted in new all-time highs for Bitcoin. Occurring every four years, the halving reduces the number of tokens produced by the network, intentionally decreasing supply and driving up prices.
The halving event has attracted significant interest from both retail traders and institutional investors, with less than two weeks remaining until the event. Experts anticipate a surge in volume, leading to increased demand and higher prices. However, there are also concerns that it could follow the pattern of “buy the rumor, sell the news,” resulting in limited price movement during and immediately after the event.
For further information about Bitcoin, you may be interested in our recommended resources: the Buy Bitcoin Guide, Bitcoin Wallet Tutorial, and 24-hour Bitcoin Price check. Additionally, you can find more Bitcoin news on our platform.
