Investors Say BTC Will Fall under $20 USD
Bitcoin's recent slump could foretell the end, say some investors after a Deutshche bank poll that asked about the coin.
Bitcoin (BTC) is in a slump, and that always causes some investors and analysts to predict doom. Their prediction this time- the coin will dip under $20 by year’s end.
While Bitcoin (BTC) is up from last fall, it has recently declined once more, and that dip below the $40 mark is no way to start off the year. Those numbers have some investors calling the cryptocurrency’s demise. If they are right, it will likely take the larger crypto market with it.
A survey from the Deutsche Bank (DB) out of Germany polled 2,000 people from the United States and Europe asked what their outlook was for Bitcoin. They were asked to give their predictions for where the coin would go, and more than 30% of them predicted a drop below $20. When asked if the crypto would be around for a long time or disappear eventually, a majority said they expected it to disappear. Of those polled, 42% expected it to go away, with only 39% thinking it will stay.
Many of those who responded to the survey said they anticipated a major collapse of the cryptocurrency market in less than two years. With that kind of majority outlook, the crypto winter may continue for a while longer. Investors can take away from this poll that people are skeptical about the future of cryptocurrency. This general pessimistic outlook persists despite a recent decision by the US Securities and Exchange Commission in favor of cryptocurrency.
Deutsche Bank Comments
The bank responded to the poll saying that these negative assessments are likely based on unpleasant events in the crypto market in recent years, like the FTX collapse in 2022 as well as numerous financial scams that have cost investors billions of dollars.
It is worth noting that the Deutsche Bank made a blanket statement on the market about how well informed people are when it comes to cryptocurrency. Their assessment is that the vast majority of consumers really have little knowledge of digital assets. This could contribute to negative assessments that may not be based on fact but on fear instead.
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