Despite the growing popularity of Bitcoin and cryptocurrencies, a recent survey conducted by Deutsche Bank shows a significant difference in sentiment among users. Meanwhile, the majority of survey participants believe that the price of Bitcoin will decline below $20,000 by the end of 2024.
The survey, which involved 3,600 participants, revealed an important change in the perception of cryptocurrencies. Furthermore, more than half of respondents (52%) acknowledge Bitcoin and cryptocurrencies as an important asset class and prospective method of transaction in the future.
However, amid this increased adoption, concerns about future Bitcoin price movements still exist. Only 10% of survey participants expect Bitcoin to break above the $75,000 mark by the end of 2024. Meanwhile, about a third predict the price will fall below $20,000.
This pessimistic view contrasts with the bullish sentiment that dominates among analysts. The community recently saw the price of Bitcoin explode above $72,000 and hit an unprecedented high. Therefore, analysts also give a positive view.
Analysts attribute this divergence of views to a variety of factors, including the flow of institutions into the market and the upcoming halving event. These events based on historical data have stimulated a significant price increase in Bitcoin. They argue that the current institutional appetite and continued flow into the crypto space will prevent any such correction.
Additionally, the recent approval of Bitcoin Trading Funds by the United States Securities and Exchange Commission (SEC) is considered a positive development. Yesterday's increase in Bitcoin ETF ETF flows also had a positive effect on the price of BTC.
Despite the prevailing optimism among analysts, the Deutsche Bank survey showed persistent skepticism among some consumers. They remain concerned about the long-term accessibility of Bitcoin. However, on the other hand, the majority of 99% of survey participants rejected the idea of cryptocurrency as a temporary trend.
Further, in the latest analysis conducted by leading crypto researcher Ali Martinez, Bitcoin appears to be holding the upper hand. Currently, the support level is above the resistance in the current price range. According to Martinez, there are approximately 1.4 million addresses that collectively hold 893,000 BTC in the price range of $68,220 to $70,325. Therefore, this indicates significant support for Bitcoin in this range.
On the other side, the resistance level is lower, with about 474,000 addresses holding 285,000 BTC in the $70,760 to $71,200 price range. This indicates less selling pressure at this level, giving an advantage to its custodian Bitcoin.
Martinez highlighted a good scenario for Bitcoin owners, pointing to upward momentum in the BTC price. Additionally, Bitcoin practitioners such as Samson Mow and Robert Kiyosaki have provided bold predictions for Bitcoin's price trajectory. Furthermore, Kiyosaki even expects BTC to touch $100,000 as early as September 2024, which contradicts the pessimistic opinion of Deutsche Bank clients.
