Bitcoin To Slump To Below $20K By The End Of The Year, Say A Third Of Consumers In Deutsche Bank Survey

A third of people expect Bitcoin to implode to below $20k by the end of the year, while just 10% expect it to rise above $75k.

That was the verdict of a Deutsche Bank survey in March of 3,600 people, with 38% of respondents saying the king of cryptos will trade at around $50k at the end of the year, Bloomberg reported.

Around 40% of the participants had a long-term positive outlook and think the leading crypto’s value will rise in the coming years, but 38% expect it to disappear.

Bitcoin Supporters Argue Demand Will Push BTC’s Price Higher

A wave of capital has flowed into spot Bitcoin ETFs (exchange-traded funds) since the investment products were launched in the U.S. in January. That prompted banking giant Standard Chartered to predict that BTC could skyrocket to $200,000 as a result of the increase in demand and the concurrent decrease in supply after the Bitcoin halving this month.

Standard Chartered also said that BTC ETFs could collectively inject $100 billion into the crypto market within the coming two years.

Arthur Hayes Warns Of A Sharp Drop In Crypto Prices

BitMEX co-founder Arthur Hayes, on the other hand, believes that prices in the crypto market could slump around the time of the halving. That’s in part because less cash will be available for riskier asset classes such as cryptos due to tax payments that will need to be made between Apr. 15 and May 1, he said in a blog post.

“Heatwave” is an essay on why I’m bearish despite the recent move higher in #crypto markets.https://t.co/gZ8Vl1uC04 pic.twitter.com/fH6docB499

— Arthur Hayes (@CryptoHayes) April 9, 2024

Given the halving will take place at a time when dollar liquidity is tighter than usual, Hayes warns of a “raging firesale of crypto assets” later this month.

Still, he’s only bearish in the short term and expects the Bitcoin bull market to begin in earnest again in May.

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