A major shocker came in for the biggest crypto asset, Bitcoin (BTC), over a recent a recent survey conducted by Deutsche Bank. It revealed that there is a crisp division among consumers regarding the future trajectory of Bitcoin.
Bitcoin faces volatility
According to the report, about one-third of respondents think that Bitcoin’s price might plummet below $20,000 by the end of the year. This suggests that this drop would erase around $50,000 from its running value. However, it will also drag BTC to levels it saw during the bear market of 2022.
It mentioned that just 10% of the people being surveyed seek Bitcoin to surpass $75,000 by the end of 2024. The survey highlighted that around 40% of them hold confidence in BTC’s long-term prospects, on the other hand, 38% anticipate its complete disappearance.
Bitcoin price is now up by 65% on the year to date (YTD), however, it went on to hit its all time high (ATH) of $73,750 on March 14, 2024. BTC is trading at an average price of $70,221, at the press time which is lower than its ATH by 5%.
The world’s biggest crypto recorded a series of pullbacks over the last 10 days. Its price revisited the $65k price range recently. Despite the recent pullback, it has outpaced traditional assets like global stocks and gold. Its 24 hour trading volume took a hit of over 6% to stand at $32.9 billion. Bitcoin is holding a market cap of $1.38 trillion.
What does the market say?
It is important to note that some view the upcoming halving event as a bullish catalyst for the cryptocurrency industry. The global market cap is moving towards the massive $3 trillion mark. With the ongoing rally, skepticism persists. Critics argue that Bitcoin lacks intrinsic value and holds high volatility.
While Bitcoin enjoys the spotlight, the fate of a spot ETF for Ethereum remains uncertain. ETH price has gained more than 8% in the last 7 days. It is trading at an average price of $3,564, at the press time. Its 24 hour trading volume is up by more than 2% to stand at $17.4 billion.
Issuers of spot Bitcoin ETFs believe that the US SEC is unlikely to approve a similar product for Ethereum. Meanwhile, the commission faces a May deadline to decide on an ETF application. It had already made a delay in March.
