The downtrend is not over yet? Bitcoin may fall below the $20,000 mark

Deutsche Bank’s survey of 2,000 retail investors found that only about 15% believed Bitcoin would rise to between $40,000 and $75,000 this year.

Crypto-skeptics are not investing in Bitcoin through exchange-traded funds (ETFs), according to a Deutsche Bank survey Money changes attitude. Since the Bitcoin spot ETF was launched on January 11, Bitcoin has fallen about 20% to around $39,000, according to FactSet data.

Marion Labore, an analyst at Deutsche Bank in London, said in a note on Tuesday thatInstitutions have so far been slow to incorporate the new fund into their portfolios, >Retail investors aren't entirely convinced they need to do this either. The report also said that most of the funding for ETFs comes from retail investors.

After the U.S. Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF earlier this month, Deutsche Bank raised concerns about the U.S., U.K. and Europe’s 2000 retail investors were surveyed. The survey found that more than one-third of respondents believe that Bitcoin will fall below $20,000 by the end of this year. Only about 15% said they expected Bitcoin to rise to between $40,000 and $75,000 by the end of the year.

Furthermore, more than half of participants said they believe “major cryptocurrencies” will completely collapse within the next two years.

Deutsche Bank said that 39% of survey participants believe Bitcoin will continue to exist in the next few years, while 42% expect it to disappear.

Many "big guys" on Wall Street are also opposed to the world's largest cryptocurrency. JP Morgan CEO Dimon believes that Bitcoin does nothing. "Pet Stone" and said he would refuse to discuss this topic in the future.

David Rosenberg, a top American economist, also warned that buying Bitcoin is more like buying a lottery ticket. "This is more like gambling than investing."

laboure pointed out in the report that "the survey results may indicate a lack of understanding of cryptocurrencies because three Two in two consumers have little or no understanding of these digital assets.”

She added thatthe negative sentiment may be related to some past "Cryptocurrency scandals" are related, including the collapse of the cryptocurrency exchange FTX in 2022, and the SEC's lawsuit against Binance and Coinbase, two of the world's largest exchanges.

Bitcoin prices rebounded in the second half of last year, largely on expectations that the United States would approve the first Bitcoin spot ETFs this year, giving the asset class a legality and provides a simple and convenient way for investors to increase their Bitcoin holdings.

Laboure wrote that despite Bitcoin’s sell-off in January, the crypto asset still has potential tailwinds in the coming months,Including the SEC’s upcoming decision on the Ethereum spot ETF in May and the Bitcoin halving in April. laboure said:

“As traditional financial players enter the market, the cryptocurrency world It is gradually moving towards greater institutionalization, and overall, the evolving ETF landscape and the participation of institutional players are helping cryptocurrencies grow into a more mature asset class."