Deutsche Bank Has Predicted Where Bitcoin Is Going
The Deutsche Bank is a reputable organization and it has now made a prediction about Bitcoin.
The Deutsche Bank has forecast that the price of Bitcoin will rise nearly 40% from its current level of $28K by the end of the year. The bank’s analysts also warned that “the crypto freefall could continue”.
Deutsche Bank Bitcoin Price Prediction
The bank has reportedly forecast that the price of Bitcoin will rise to $28,000 by the end of the year, Bloomberg reported, citing an analysis by the bank’s senior economist and market strategist Marion Labore and research analyst Galina Pozdnyakova. Based on their analysis, the price of bitcoin is set to rise 38% from its current price of around $20,000, given how closely BTC traded with US stocks.
They noted that cryptocurrencies have been correlated with benchmarks such as the tech-heavy Nasdaq 100 and the S&P 500 since November. The S&P 500 is down 21% since the start of the year. Deutsche Bank strategists expect the index to recover to January levels by the end of the year. But yes, predictions remain predictions.
Equations
Labore and Pozdnyakova compare Bitcoin to diamonds, rather than gold, the publication reports. They referred to the De Beers story. This is a major company in the diamond industry that was able to change consumer perception of diamonds through advertising efforts.
“By bringing an idea to market rather than a product, they have laid a solid foundation for the $72 billion-a-year diamond industry that they have dominated for the past eighty years,” the analysts detailed. applies to many goods and services, including Bitcoins. Now let’s wait and see if this is actually the case.
