A recent Deutsche Bank consumer survey revealed divided sentiment about Bitcoin’s future price trajectory. While the outlook is gloomy, it comes at a time when Bitcoin has been on a roller-coaster ride.
The asset recently hit an all-time high before falling sharply, but has rebounded nearly 10% in the past week.
Bitcoin survey sparks panic
Respondents noted that people are pessimistic about cryptocurrencies, with some predicting that their prices could fall below $20,000.
The unexpected sentiment points to uncertainty in the market, especially after Bitcoin hit an all-time high in mid-March.
The survey, which covered more than 3,600 participants, highlighted a split in opinion, with about a third expecting the value of bitcoin to plummet to levels last seen during the 2022 bear market.
Despite cautious consumer sentiment, experts appear more optimistic about the future of Bitcoin. Galaxy Digital CEO Mike Novogratz expects Bitcoin to benefit significantly from the Federal Reserve’s expected rate cuts this year.
While the Fed has indicated it will cut its benchmark interest rate by as much as 0.75 percentage point, the timing and magnitude of those cuts remain uncertain. Investors are closely watching these developments, with expectations for rate cuts changing rapidly in recent months.
For example, Novogratz believes that the Fed’s decision to cut interest rates could have “profound” effects on the U.S. economy and various assets. While he expressed concern about the lack of a compelling reason for a rate cut, he remains confident that the rate cut will proceed as planned.
Bitcoin Technical Analysis and Price Prediction
In addition to expert opinions, technical analysts are also providing insights into Bitcoin’s potential price movements. One such analyst, TechDev, has discovered a rare technical pattern in Bitcoin’s historical price data.
By examining price fluctuations since 2011, TechDev observed a clear correlation between Bitcoin’s price behavior in different years. Specifically, TechDev noted a pattern where Bitcoin’s price closed above the upper edge of the Bollinger Band for two consecutive months, resulting in the price doubling within three months.
Based on this analysis, TechDev believes that the price of Bitcoin could surge to nearly $140,000 by July 2024. This technical indicator adds another dimension to the discussion surrounding Bitcoin's future price action, providing investors with a potential roadmap for investment decisions.
Meanwhile, Bitcoin prices have experienced significant volatility at the time of writing, rising 8% over the past week but falling 2% over the past 24 hours.
