Survey: More than a third expect Bitcoin price to fall below $20,000

According to a survey conducted by Deutsche Bank among 2,000 respondents in the US, UK, and Eurozone, over one-third of the respondents believe that Bitcoin will fall below $20,000 in January next year. Additionally, about 15% of the respondents predict that the cryptocurrency's price will be between $40,000 and $75,000 by the end of this year.

Deutsche Bank analysts Marion Labour and Cassidy Ainsworth-Grace explained in their report that the new spot Bitcoin ETF is expected to expand the institutionalization of Bitcoin. However, most of the ETF funds come from retail investors.