The survey, which encompassed 2,000 participants from the US, UK, and Eurozone, displayed a striking finding – over a third of respondents anticipated Bitcoin’s value to dip below $20,000 by January 2023. Astonishingly, just 15% of those surveyed expected the price to range between $40,000 and $75,000 by the conclusion of 2024.
Deutsche Bank analysts posit that the advent of spot Bitcoin ETFs could fuel the institutionalization of this pioneering cryptocurrency. However, contrary to expectations, the majority of ETF investments have been driven by retail investors, according to the report.
Initial excitement surrounding the highly anticipated launch of Bitcoin spot ETFs briefly propelled the value to $49,000, marking its highest point since March 2022. Unfortunately, the market has since witnessed a sustained decline.
Although the introduction of exchange-traded funds is a significant milestone in legitimizing Bitcoin as an investment asset class, market volatility has been surprisingly subdued. Recently, BTC surpassed the $40,000 support level, only to drop to $38,500.
In response to Bitcoin’s recent slump, a cryptocurrency analyst known as PlanB asserted that the cryptocurrency is merely consolidating its strength before eventually surging to $60,000.