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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