Deutsche Bank Predicts Bitcoin Will Return To $28,000
- June 30, 2022
- 0
According to Deutsche Bank experts, the bitcoin price could rise to $28,000 by the end of 2022. It is reported by Bloomberg. According to the bank’s strategists Marion
According to Deutsche Bank experts, the bitcoin price could rise to $28,000 by the end of 2022. It is reported by Bloomberg.
According to the bank’s strategists Marion Labor and Galina Pozdnyakova, the growth will be associated with a rally in the US stock market.
Experts have noticed that since November, cryptocurrencies have been increasingly correlated with the Nasdaq 100 and S&P 500 indices, and they believe these benchmarks will rise to January levels by the end of the year and expand Bitcoin with them.
At the time of writing, the price of the first cryptocurrency has dropped below $20,000 and is testing $19,000.
Deutsche Bank strategists believe the “digital gold” status for bitcoin is falling apart. Cryptocurrency has not been a safe-haven among falling exchanges, with physical gold “better behaved” in this regard.
Instead, Lyabur and Pozdnyakova noted that bitcoin is like diamonds – a “high market presence” based mainly on marketing. They reminded that De Beers, the biggest player in the market in the 1950s, managed to change the consumer’s attitude towards precious stones with an advertising campaign.
“By selling an idea, not a product, they’ve laid a solid foundation for the $72 billion annual industry that has dominated the past 80 years. What is true for diamonds applies to many goods and services, including bitcoin,” experts said.
They also highlighted some of the issues that have plagued the digital asset market in recent weeks, including the financial bankruptcy of some hedge funds and crypto lenders.
Experts believe that the recovery of the crypto market has been hampered by the “lack of common valuation models similar to those that exist in the public equity system.”
“Also, the crypto market is highly fragmented. The decline may continue due to the complexity of the system, Deutsche Bank strategists said.
According to Arcane Research researchers, the potential for decline in Bitcoin price continues up to the $10,350 level.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
