A third of consumers see bitcoin plunging at least 70% this year even as the token hits record highs, Deutsche Bank survey says
- Nearly one-third of global consumers expect bitcoin to fall below $20,000 this year, a Deutsche Bank survey found.
- Only 10% expect the token to extend past $75,000, a bank survey found.
While crypto bulls are celebrating bitcoin's 2024 surge as the first leg of a blowout rally to come, not all consumers are as optimistic about the token's prospects this year.
According to a Deutsche Bank survey conducted in March, nearly one-third of global consumers expect the apex coin to plunge below $20,000 by the end of 2024.
That would represent a plummet of over 70% from bitcoin's current valuation, which stood at $68,652 as of 12 p.m. ET on Wednesday.
In stark contrast, some of the asset's most outspoken proponents have argued that it will punch past the $100,000 threshold in the same timeframe.
For instance, it's a view long put out by Standard Chartered analyst Geoff Kendrick, who also anticipates the coin to reach as high as $200,000 next year. Bernstein strategists have also ratcheted up their outlook, expecting a $150,000 valuation by 2025.
It's an optimism that's chiefly sprung out from this year's approval of spot bitcoin ETFs, considered as a major amplifier for crypto demand. Already, these funds have helped propel the currency 63% year-to-date.
Meanwhile, this month's anticipated halving event will lower bitcoin output, putting upside pressure on its price.
Rising adoption is why crypto billionaire Mike Novogratz expects $50,000 to be bitcoin's newest price floor, a level it's unlikely to revisit, he said in March.
But according to the survey, only 10% of consumers see the token reaching past $75,000 this year. That would be just over the $73,000 peak bitcoin reached in last month, before paring gains.
The price pessimism could be explained by the fact that 38% of respondents expect bitcoin to "disappear" in the next few years, just below 40% who believe it will thrive.