HomeNewsBitcoin Survey: Consumer Pessimism vs. Expert Optimism

Bitcoin Survey: Consumer Pessimism vs. Expert Optimism

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  • Deutsche Bank found mixed opinions on Bitcoin’s prospects despite its price volatility.
  • Technical research suggests Bitcoin could reach $140,000 by July 2024, based on prior trends.

According to the latest customer survey by Deutsche Bank, opinions on Bitcoin’s future are intertwined with its performance: on the one hand, its price rises greatly and attracts public notice.

However, given that it is cheaply bought up again, a quarter of the subsequent fall is to compensate for previous rampant increases. Presenting this complexity in the buying attitude in light of Yes’s survey. In the past month, people on balance have been bearish.

The most recent data shows us that Bitcoin’s price is currently $68,259.51. It also shows that this represents a fall of 2.74% in the last 24 hours, but one that still leaves us with an increase for the past week of more than 2.6%.

This most recent price change best demonstrates the volatility of cryptocurrencies, and the varied responses noted in the Deutsche Bank survey provide additional evidence.

Different Perspectives Among New Heights

Over 3,600 people took part in the survey, which exposed differences in community expectations. A significant portion was negative, predicting that the value will fall below $20,000. This belief was a result of the currency’s volatile performance.

Despite peaking in mid-March, the fact that this pessimistic stance takes hold at all indicates that there remains a lot of uncertainty on the market.

Mike Novogratz, CEO of Galaxy Digital, holds an optimistic view quite contrary to this negative outlook.

Novogratz has a more sunny disposition, believing that Bitcoin prices could surge after anticipated cuts in interest rates by the Federal Reserve, in line with what ETHNews previously disclosed.

The precise timing and magnitude of the Fed’s proposed reduction in its benchmark lending rate by 0.75 percentage points or even more is somewhat uncertain, but remains an element that is important.

BTC Technical Analysis and Expert Insights

Although consumer sentiment seems cautious, there is good news, according to expert research. For example, Novogratz sees significant ramifications for the US economy and a number of asset classes, including Bitcoin, if the Fed moves through with the planned rate cuts. This viewpoint provides some hope in the face of general market cynicism.

Technical analysis insights complement expert viewpoints. An analyst going by the name TechDev has identified a distinctive pattern in the historical price data of Bitcoin, which portends a promising future for the cryptocurrency.

In the past, this pattern—which is defined by two consecutive monthly closures over the upper Bollinger bands—has caused the price of Bitcoin to double in just three months.

According to TechDev’s analysis, there is a possibly profitable prediction that Bitcoin would reach around $140,000 by July 2024. This technical indicator helps investors navigate the turbulent waters of cryptocurrency while also contributing to the conversation about Bitcoin’s future.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628