A recent survey conducted by Deutsche Bank has revealed that consumer doubts about Bitcoin have slightly decreased, although less than a third of respondents still anticipate a significant price drop by the end of 2024.
The survey, which was published on April 8, gathered responses from over 3,600 consumers. Just over half (52%) of the participants believe that cryptocurrencies will become an important asset class and a widely used method of payment in the future.
Deutsche Bank had conducted a similar survey in September 2023, where less than 40% of respondents expressed confidence in cryptocurrencies.
The survey found that the number of respondents who view crypto as a passing fad that will eventually fade away has dropped to less than 1%.
In addition to consumer sentiment, the survey also examined the price of Bitcoin in relation to the upcoming halving event. Deutsche Bank analysts predict that the price will receive support from regulatory measures, central bank interest rate cuts, and the potential approval of a spot Ethereum exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
Approximately one-third of the survey participants expect the price of Bitcoin to fall below $20,000 by the end of 2024. This figure is slightly lower than the percentages recorded in February and January, which were 35% and 36% respectively.
However, only 10% of respondents anticipate Bitcoin surpassing $75,000 by the end of the year.
This survey comes at a time of increased activity in the Bitcoin market since the beginning of 2024. In January, the SEC approved the first US-based spot Bitcoin ETFs, which led to a record-breaking daily net inflow of $1 billion on March 12.
In mid-March, the cryptocurrency reached a new all-time high of $73,794 and is expected to experience further growth. Some analysts even predict a potential 160% increase after the halving event, which could push the price towards the $150,000 mark.
The halving is scheduled to take place in mid-April, with many predictions pointing to April 20. This event has prompted some analysts to adopt a bullish outlook for Bitcoin in the coming year, citing increased overall demand and other macroeconomic factors driving the price upwards.