Despite Bitcoin BTC/USD cracking the $43,000 mark, a survey found that 39% of retail investors expect a price drop below $20,000 by the end of the year. Technical analysts, however, continue to be bullish.
What Happened: Bitcoin was up 2.5% in the past 24 hours and 6% over the past week for its first crack at $43,000 in two weeks.
Nevertheless, CoinDesk reported a Deutsche Bank survey of retail investors found more than one-third of respondents see Bitcoin prices dropping below $20,000 by 2024.
Also, 39% of the 2,000 consumers surveyed in the U.S., U.K. and Europe believe Bitcoin will continue to exist in the upcoming years — but 42% expect its disappearance. The report added that two-thirds of consumers have little or no understanding of digital assets.
Also Read: Bitcoin Rallies 6% Above $42,000: 'Very Bullish Long Term' Development, Says Technical Analyst
Why It Matters: Interestingly, retail investors' bearish outlook on cryptocurrencies is diametrically opposed to technical analysts in the industry.
Pentoshi, a 750,000-follower heavy industry analyst, tweeted that crypto has been the best-performing asset class in the past 10 years, not only in terms of its financial upside but also its "infinite social upside."
He tweeted, “Crypto has engaged communities, with massive social events that appeal to the younger generations and will continue to do so. The older traditional companies are embracing that to not be left behind in the future.”
In another tweet, he goes on to voice his support for the bullish bias on Bitcoin. He said, “This isn't the best monthly for $BTC.”
Another crypto analyst, Michaël van de Poppe, saw the range on Bitcoin still relatively clear and assumed this was the end of the correction after the ETF launch and there was a likely consolidation from here. He tweeted, “Perhaps another run to $48-50K and time for #Altcoins to outperform.”
What's Next: While retail investors have still not warmed up again to cryptocurrencies, they may be seeing more of them soon, thanks to Google's new advertising policies allowing Bitcoin ETF ads.
Read Next: Bitcoin Halving Could Make 9 Of 11 Largest Public Miners Unprofitable: Analyst
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
