A recent survey by Deutsche Bank has revealed that consumer doubts about Bitcoin have decreased slightly, although less than one-third of respondents still believe there will be a significant drop in its price by the end of 2024.
The survey, conducted on April 8, involved over 3,600 participants. More than half of them (52%) believe that cryptocurrencies will become an important asset class and payment method in the future.
A similar survey conducted by Deutsche Bank in September 2023 showed that less than 40% of respondents had confidence in cryptocurrencies.
According to the recent survey, less than 1% of respondents now consider crypto to be just a passing fad.
The survey also examined the price of Bitcoin in relation to the upcoming halving. Deutsche Bank analysts predict that the price will be supported by regulation, central bank interest rate cuts, and the anticipation of the approval of a spot Ethereum exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
One-third of the survey participants expect Bitcoin’s price to drop below $20,000 by the end of 2024. This is a decrease compared to 35% in February and 36% in January.
However, only 10% of respondents expect Bitcoin to exceed $75,000 by the end of the year.
This survey comes after a series of significant events for Bitcoin since the beginning of 2024. In January, the SEC approved the first U.S.-based spot Bitcoin ETFs, resulting in a record daily net inflow of $1 billion on March 12.
In mid-March, Bitcoin reached a new all-time high of $73,794, and some analysts predict that it could increase by as much as 160% after the halving, potentially reaching $150,000.
The halving is expected to take place in mid-April, with April 20 being a common prediction. This event has led some analysts to take a bullish stance on Bitcoin for the year ahead, citing increased demand and other macroeconomic factors driving the price.
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