{"id":9851,"date":"2024-04-10T00:21:44","date_gmt":"2024-04-10T00:21:44","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/bitcoin-bulls-beware-deutsche-bank-survey-sparks-fears-of-plunge-below-20000\/"},"modified":"2024-04-10T00:21:44","modified_gmt":"2024-04-10T00:21:44","slug":"bitcoin-bulls-beware-deutsche-bank-survey-sparks-fears-of-plunge-below-20000","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/bitcoin-bulls-beware-deutsche-bank-survey-sparks-fears-of-plunge-below-20000\/","title":{"rendered":"Bitcoin Bulls Beware: Deutsche Bank Survey Sparks Fears Of Plunge Below $20,000"},"content":{"rendered":"

A recent consumer survey by Deutsche Bank revealed<\/a> a split sentiment regarding the future trajectory of Bitcoin\u2019s price. While grim, this outlook comes when Bitcoin has been on a rollercoaster ride.<\/p>\n

The asset has recently achieved a new all-time high and declined significantly following that, but it has rebounded by nearly 10% in the past week.<\/p>\n

<\/span>Bitcoin Survey Sends Shivers<\/span><\/h2>\n

Respondents noted a notable level of pessimism about\u00a0the cryptocurrency, with some predicting a potential drop below $20,000.<\/p>\n

This unexpected sentiment suggests uncertainty in the market, particularly after BTC reached record highs in mid-March.<\/p>\n

The survey, which polled over 3,600 participants, highlighted a divergence of opinions. Approximately one-third anticipate BTC\u2019s value plummeting to levels last seen during the bear market in 2022.<\/p>\n

While consumer sentiment is cautious, expert views on Bitcoin\u2019s future appear more optimistic. Mike Novogratz, CEO of Galaxy Digital, anticipates that BTC will benefit significantly from the Federal Reserve\u2019s expected rate cuts this year.<\/p>\n

Despite the Federal Reserve\u2019s indications of lowering its benchmark interest rate by up to three-quarters of a point, the timing and extent of these cuts remain uncertain. Investors closely monitor these developments, with expectations for rate reductions shifting rapidly over recent months.<\/p>\n

Novogratz, for instance, believes that the Fed\u2019s decision to lower rates could have \u201cprofound\u201d implications for the US economy and various assets. While he expresses concerns about the lack of compelling reasons for rate cuts, he remains confident that they will proceed as planned.<\/p>\n

<\/span>Bitcoin Technical Analysis And Price Predictions<\/span><\/h2>\n

In addition to expert opinions, technical analysts are offering insights into Bitcoin\u2019s potential price movements. One such analyst, TechDev, has identified a rare technical pattern in Bitcoin\u2019s historical price data.<\/p>\n

By examining price fluctuations since 2011, TechDev observed a distinct correlation in Bitcoin\u2019s price behavior across different years. Specifically, TechDev pointed out a pattern where BTC\u2019s price closed two consecutive months above the upper Bollinger bands, leading to a doubling in price within three months.<\/p>\n

Based on this analysis, TechDev suggests that Bitcoin\u2019s price could surge to almost $140,000 by July 2024. This technical indicator adds another layer to the discussion surrounding BTC\u2019s future price trajectory, offering investors a potential roadmap for their investment decisions.<\/p>\n

Meanwhile, BTC price has experienced notable volatility at the time of writing, with an 8% increase over the past week but a 2% decline in the past 24 hours.\u00a0<\/p>\n

<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent consumer survey by Deutsche Bank revealed a split sentiment regarding the future trajectory of Bitcoin\u2019s price. While grim, this outlook comes when Bitcoin has been on a rollercoaster ride. The asset has recently achieved a new all-time high and declined significantly following that, but it has rebounded by nearly 10% in the past […]<\/p>\n","protected":false},"author":1,"featured_media":9852,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Bitcoin Bulls Beware: Deutsche Bank Survey Sparks Fears Of Plunge Below $20,000 - Bitrabo","description":"A recent consumer survey by Deutsche Bank revealed a split sentiment regarding the future trajectory of Bitcoin’s price. While grim, this outlook comes wh"},"footnotes":""},"categories":[316],"tags":[921,3258,448,1254,1370,1854,1548,2734,3259],"class_list":["post-9851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bank","tag-beware","tag-bitcoin","tag-bulls","tag-deutsche","tag-fears","tag-plunge","tag-sparks","tag-survey"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=9851"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/9852"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=9851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=9851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=9851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}