- Deutsche Bank has warned that Bitcoin (BTC) could plunge below $20,000 revisiting, 2022 lows.
- Most experts foresee an all-time high of possibly over $100,000 before the end of the year.
A recent survey shows investors are bearish about Bitcoin with chances of plunging below $20,000. Bitcoin has portrayed price stability at the $70,000 price level. However, respondents of a Deutsche Bank survey are overwhelmingly bearish about the future of Bitcoin.
The bank surveyed around 3,600 people, with one-third of the respondents predicting that Bitcoin would shed off $50,000 to reach $20,000. These are levels last seen in the 2022 bear market. Of 40% of the respondents, these are confident that Bitcoin will continue to thrive over the coming months. Another 38% expect the digital asset to disappear entirely with another 1% considering Bitcoin a fad.
The recent launch of Bitcoin spot ETFs makes it unlikely that BTC could make a bearish turn. Furthermore, it enforces its future, distinguishing it from being a fad or the possibility of it disappearing. As CNF recently reported, BlackRock’s Bitcoin ETF is fast approaching $20 billion in assets, making it among the top 3% ETFs in the world.
According to ETF expert Eric Balchunas, the Bitcoin ETF currently holds the 88th spot among all ETFs. Outperforming a majority of ETFs now and at their launch, this portrays the massive interest in digital assets among institutional investors.
While much interest is coming from the U.S. market, there is growing interest in Europe and Asia. As CNF reported, Hong Kong is getting ready to launch Bitcoin Spot ETFs with substantial Chinese funding, signaling the rise of digital assets in traditional finance. Furthermore, Cboe seeks to issue a multi-share class fund to combine exchange-traded funds (ETFs) and mutual funds. Experts anticipate an increase in the number of ETFs and ETF assets if the SEC approves the request.
Bitcoin (BTC) Price Update
At the time of writing, BTC is trading for $68, 650 after a marginal drop of less than 1% in the last 24 hours. Although the world’s largest cryptocurrency has breached the $70,000 support, the altcoin is still up by 4.5% on the weekly.
The upcoming Bitcoin halving offers one of the most bullish events for the cryptocurrency. In the past, the event has ushered in a new all-time high for the digital asset. In a four-year cycle, the event reduces the amount of tokens produced by the network and is designed to reduce supply and artificially promote prices.
The event has helped accelerate interest in BTC both by retail traders and institutional investors. With less than 2 weeks to the halving, experts anticipate an uptick in volume, driving demand and prices higher. However, some warn that it could play out as a “buy the rumor, sell the news” scenario leading to little price action during and immediately after the event.