30% of Deutsche Bank clients expect Bitcoin to drop below $20k

German investment bank Deutsche Bank has published a new survey showing consumers are becoming slightly less skeptical about crypto.

Deutsche Bank, a German multinational investment banking giant, has published a survey, indicating a shift in consumer attitudes towards cryptocurrencies. According to a Reuters report, the Frankfurt-based banking giant surveyed over 3,600 consumers in the U.S.

Results indicate a growing acceptance of cryptocurrencies, with more than half of respondents (approximately 52%) viewing them as an “important asset class and method of payment transactions” for the future, marking a 12% increase compared to figures from September 2023.

However, the survey also highlights a cautious sentiment among many respondents, as 30% anticipate Bitcoin‘s price to fall below $20,000 by the end of 2024, although this group has shown a slight decrease since January.

One notable finding is the declining belief that cryptocurrencies are merely a passing trend. As per the report, less than 1% of respondents now hold this view, suggesting a growing acceptance of crypto as an enduring financial instrument. Despite this, only 10% of respondents expect Bitcoin to surpass $75,000 by the end of the year.

As Bitcoin approaches its fourth halving event, where miner rewards are halved, there is speculation about its potential impact on prices. Historically, Bitcoin has experienced price declines within the first 90 days following halving events. However, some analysts suggest that the current landscape may be different, citing the influx of new capital through spot Bitcoin exchange-traded funds (ETFs) as a potential game-changer.