30% of Deutsche Bank customers expect Bitcoin to fall below $20k

Bitcoin (BTC) has become an indispensable part of today’s financial world. Thanks to developments such as the American spot ETFs, Bitcoin has once again put itself firmly on the map this year.

BTC’s strong price performance underlines its status as an established value. It is almost difficult to imagine that BTC was still trading below $20,000 at the beginning of last year.

A return to such low price levels currently seems virtually impossible. But Deutsche Bank customers think differently. The bank surveyed 3,600 of its customers in the United States about expectations for the Bitcoin price for the remainder of the year. And the results are striking.

What do Deutsche Bank customers think?

Firstly, about half of respondents (52 percent) take crypto as a financial asset seriously. They call crypto “an important asset class and method of payment.” This is an increase of 12 percent compared to last year.

However, just under one third of those surveyed do not trust crypto at all. 30 percent of respondents expect the price of Bitcoin to fall below $20,000 before the end of 2024. In addition, only 10 percent believe that BTC will break the $75,000 level this year.

All in all, moderate expectations among American customers of Deutsche Bank. In particular, the expectation that BTC will fall below the $20,000 level this year sounds absurd at the moment. Especially with the Bitcoin halving on the horizon, that scenario seems impossible. But how small are the chances that BTC will actually fall that low?

What can we expect after the Bitcoin halving?

After the halving, the BTC yield will be halved for miners, as is known. In other words, the cost per Bitcoin produced will double. The cost per mined BTC has recently been well above $40,000. After the halving, that will double towards $80,000.

If miners want to remain profitable, the value per BTC must increase to at least $80,000 after the halving. This is one of the reasons that a drop to prices below $20,000 can virtually be ruled out.
However, it is also no certainty that the Bitcoin price will rise straight to $80,000 after the halving. After previous halvings, the Bitcoin price fell slightly in the weeks after the halving.

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