A new Deutsche Bank survey revealed that consumer skepticism about Bitcoin ( BTC ) has fallen slightly, although less than a third of survey respondents still expect a sharp price drop by the end of 2024.

The survey, published on April 8, polled over 3,600 consumers. Slightly more than half (52%) agreeing that cryptocurrencies as a whole will be an “important asset class and method of payment transactions” in the future.

A similar survey was conducted by Deutsche Bank back in September 2023, which showed less than 40% confidence.

The amount of respondents who consider crypto to just be a “fad that will eventually fade” has now dropped to less than 1%, according to the survey.

The survey also looked at the price of Bitcoin in light of the upcoming halving . Deutsche Bank analysts said they expect the price to be supported by, along with regulation, central bank rate cuts and the anticipation of a spot Ethereum ETF approval from the United States Securities and Exchange Commission (SEC).

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A third of the survey participants said they expect Bitcoin to dip below the $20,000 price point by the end of the year. This figure compares to 35% in February and 36% in January.

However, only 10% have expectations that Bitcoin ( BTC ) will surpass $75,000 by year-end.

This survey comes after much activity surrounding Bitcoin since the beginning of the year. Early on the SEC approved the U.S.’s first spot Bitcoin ETF, which pulled in a record $1 billion of net inflows on March 12. 

In mid-March, the cryptocurrency hit a new $73,794 all-time high and is anticipated to spike even further, with some estimates as high as a 160% increase after the halving, which means it could hit the $150,000 mark, according to some analysts.

The halving is anticipated mid-April, with many predictions saying April 20. This event is causing many analysts to take a bullish stance on the cryptocurrency for the upcoming year, with many citing the heightened overall demand and other macroeconomic factors driving the price.

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