The price of Bitcoin is predicted to drop by the end of 2024, according to a recent survey by Deutsche Bank.
Of the 3,600 who responded, a third of those from the U.S. were in agreement the cryptocurrency price would plummet.
Numbers have decreased very slightly in previous surveys from the start of the year. In January, 36% believed it would fall compared to 35% in February.
On the other hand, just 10% of those who were surveyed believed that Bitcoin would be above $75,000 by the end of the year.
The results and findings may come as a surprise to some. Especially after Bitcoin hit an all-time high of $73,803.25 in March.
Bitcoin even had a three-week high on Monday (April 8). Even analysts suggest that excitement is rife owing to the expectations of rate cuts and spot Bitcoin ETF’s.
Bitcoin Price
At the time of publication, the Bitcoin price rose again (April 9) to $71,133. Certain analysts see this as a sign that investors aren’t too concerned about a sharp plummet.
In fact, Bitcoin’s price is expected to be supported by the upcoming halving event and key U.S. inflation data. New regulations and expectations that the SEC will approve spot Ethereum ETFs have also helped.
The halving event itself is likely to occur later on this month. It is expected the generation of block no. 840,000 on the blockchain.
Rates for Bitcoin mining will be halved and will potentially tighten future supply of the token. Historically, the halving event has boosted the prices of Bitcoin.
In 2021, Bitcoin’s price rose by 500% but this year isn’t expected to be so fruitful. Fineqia International analyst Matteo Greco explained: “Historically, Bitcoin halving events have marked significant points followed by 9-18 months of uptrend, culminating in cycle peaks.
“However, for the first time, Bitcoin reached its all-time high in anticipation of the halving, indicating a departure from previous cycles.”
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