Survey Indicates Bearish Sentiment on Bitcoin’s Prices in Future

According to the results of a recent study by Deutsche Bank, which was conducted from January 15 to January 19, most participants were pessimistic about the future pricing of Bitcoin. The study, which included 2,000 respondents from the US, the UK, and the Eurozone, aimed to determine perceptions on the direction and volatility of the price of bitcoin.

One significant finding from the study is that over one-third of participants believe Bitcoin would hit below $20,000 by January of the next year. This attitude is indicative of a cautious assessment of the cryptocurrency’s performance, as several participants voiced worries about the possibility of future declines.

Divergent Views on Year-End Prices

Fascinatingly, the poll also reveals differing opinions on what Bitcoin would cost by the end of the year. Roughly fifteen percent of those polled believe that Bitcoin will end the year valued anywhere between $40,000 and $75,000. This range suggests a more upbeat outlook from a subset of participants who anticipate a possible comeback or spike in the value of Bitcoin.

In their analysis, analysts Marion Laboure and Cassidy Ainsworth-Grace of Deutsche Bank highlight how new spot Bitcoin exchange-traded funds (ETFs) might have an institutionalizing effect on the cryptocurrency. They do point out that most of the flows have come from ordinary investors, notwithstanding the excitement around ETFs.

On January 10, the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs, which had an impact on recent price swings of the cryptocurrency. As soon as this decision was announced, the price of cryptocurrencies dropped below $40,000 after having surged beyond $47,000 in anticipation. Bitcoin has been resilient in spite of the market turbulence; as of this writing, it is trading at $42,174.22.