Although a significant percentage of those surveyed by Deutsche Bank believe that Bitcoin will pull back, another line suggests price expectations of $ 80,000 for April.
More than half of Deutsche Bank customers, the Germany-based global banking services company, expect the price of Bitcoin to decay in the next 12 months.
A recent survey by the bank found that 52% of surveyed customers foresee a cryptocurrency trading below $ 60,000. The study, made by Coindesk, occurred between March 18 and 22 and consulted around 520 market professionals from every corner of the world.
Despite Bitcoin approaching a new all-time price high above $ 61,000 in the middle of this month, survey participants forecast a price pullback. Most expect the cryptocurrency to return to a price between $ 20,000 and $ 40,000.
Bitcoin Could Fall Back to $ 20,000
69% of investors who took part in the survey believe that the price of Bitcoin is more likely to halve in the next year. The figure is higher than the previous in the same study in February this year when 65% of customers expected a drastic drop.
The results differ from a recent survey by US banking giant Goldman Sachs. In early March, Matt McDermott, Global Head of Digital Assets for Goldman’s Global Markets Division, shared the results of an internal survey of nearly 300 clients where 76% answered that they thought Bitcoin was about to face trades between $ 40,000 and $ 100,000.
Other differences also appeared after the comparisons in the results of both surveys. While only 23% of Deutsche Bank respondents admitted to buying bitcoins at least once for their investments, 40% of Goldman’s investors already have exposure to cryptocurrencies.
McDermott had cited the survey in a conversation surrounding the institution’s growing customer demand in recent months. He noted that 61% of Goldman’s clients expect their investments in digital assets to increase over the next year.
In comparison, the German bank’s clients seem less receptive to investing in digital currencies. More than 40% of respondents under the age of 35 said they bought Bitcoin, only 13% of those over 55 admitted to doing so.
Investors of the German Financial Institution Coincided with Another Optimistic Hope
Despite Deutsche Bank investors anticipating a weakening within a year, their short-term forecasts were much more optimistic. The most common prediction range for Bitcoin prices in the next three months was between $ 60,000 and $ 80,000. According to the data collected, 36% of those surveyed gave this bullish forecast for the short term.
Interestingly, the belief of the investors of the German financial institution coincided with another optimistic indicator. Glassnode co-founders Yann Allemann and Jan Happel wrote that Bitcoin price expectations for April among investors were very high.
Representatives for Glassnode, the Blockchain analytics firm, commented in the context of the expiration of $ 6 billion in cryptocurrency options contracts expiring this Friday.
As the expiration date rolls around, the Bitcoin market may gravitate to lower prices due to pressure from sophisticated sellers in the spot or futures markets. After Friday, if the market does not experience a significant correction, there are possibilities of a new price hike.
By: Jenson Nuñez
