Bitcoin has rallied by nearly 1000% over the past 12 months, but some investors believe the bull cycle would come to an end this year, and the price would drop. However, there are certain arguments about how low Bitcoin’s price can fall over the coming year. Deutsche Bank believes the price would be lower than the current all-time high.
Bitcoin would decline to between $20k and $40k
Deutsche Bank revealed that more than 50% of its investors believe Bitcoin’s price would be somewhere between $20,000 and $40,000 over the next twelve months. This is the result of a monthly market survey conducted by the German lender, where it questioned 520 market professionals.
The leading cryptocurrency has been trading below $60,000 in recent weeks since hitting its all-time high price above $61,000 soon. Investors at Deutsche Bank believe that the cryptocurrency wouldn’t be able to sustain its current rally beyond this year.
62% of the respondents said there would be a market correction over the next 12 months, and Bitcoin would be trading below $60,000 by then. However, there were more optimistic about Bitcoin’s price forecast over the next three months. According to 36% of the respondents, Bitcoin would soar to as high as $80,000 by June.
69% of respondents predict that Bitcoin’s price is likely to decline by half in 12 months, up from 65% last month. Several cryptocurrency enthusiasts would question the statistics as only 23% of respondents said they had ever bought BTC for their personal investments.
Bitcoin’s price struggles to reach $60k again
The leading cryptocurrency has been struggling to mount a charge that would see its urge past the $60k mark. Bitcoin dipped below the $52k mark yesterday despite Tesla announcing that it has started accepting BTC as payment for its electric cars.