The cryptocurrency market continues to grapple with the question: Bitcoin price prediction – boom or bust in 2024? While crypto enthusiasts are riding high on Bitcoin’s recent surge, a new survey paints a more divided picture among consumers.
Bitcoin bulls are basking in the token’s impressive gains so far this year. As of Wednesday, it sits at a healthy $68,652, a 63% increase year-to-date. This optimism is fueled by the long-awaited approval of spot Bitcoin ETFs, seen as a major catalyst for mainstream adoption. Additionally, the upcoming Bitcoin halving event, slated for this month, will further restrict supply, potentially pushing prices upwards.
Leading the charge on the bullish front are prominent figures like Standard Chartered analyst Geoff Kendrick, who predicts a six-figure Bitcoin by year’s end, potentially reaching $200,000 in 2025. Bernstein strategists are also on board, upping their forecast to a $150,000 valuation by 2025. Crypto billionaire Mike Novogratz is equally bullish, believing $50,000 will become Bitcoin’s new price floor, a level unlikely to be revisited.
However, a recent Deutsche Bank survey conducted in March reveals a more cautious outlook among consumers. Nearly one-third of respondents, a significant 32%, anticipate a dramatic price plunge for Bitcoin, with predictions of it falling below $20,000 by the end of 2024. This translates to a potential 70% drop from its current valuation.
Furthermore, only 10% of consumers surveyed believe Bitcoin will surpass $75,000 this year, barely exceeding its peak of $73,000 reached last month. This stark contrast in sentiment highlights the uncertainty surrounding Bitcoin’s future trajectory.
The survey delves deeper, suggesting that 38% of respondents fear Bitcoin might even “disappear” altogether within the next few years. This pessimism could stem from the inherent volatility associated with cryptocurrencies and the ever-evolving regulatory landscape.
The Bitcoin price prediction for 2024 remains an open question. While industry experts and enthusiasts champion a bright future with skyrocketing valuations, a significant portion of consumers harbor apprehensions about a potential crash. The interplay between mainstream adoption fueled by ETFs, the upcoming halving event, and broader market sentiment will ultimately determine the direction of Bitcoin’s price this year.
Source: Markets Business Insider
