If bitcoin and US stocks keep their synchrony, the former could tap $28K before the year's end, said strategists from the global bank.
Bitcoin Could Climb to $28K by 2022’s End, Deutsche Bank Analysts SuggestIf bitcoin and US stocks keep their synchrony, the former could tap $28K before the year’s end, said strategists from the global bank.
Analysts at Deutsche Bank – Marion Laboure and Galina Pozdnyakova – argued that the cryptocurrency market is “highly fragmented,” and its decline could continue in the near future. However, they believe bitcoin might tap $28,000 by the year’s end, assuming it keeps its close correlation to US stocks.The past several weeks have not been pleasant for the digital asset market as the majority of assets lost a significant chunk of their value.
The latest people to address the industry’s drawback were Deutsche Bank’s analysts – Marion Laboure and Galina Pozdnyakova. The duothat stabilizing prices of a certain digital asset takes time because “there are no common valuation models like those within the public equity system.
The Deutsche Bank analysts also gave their two cents on the popular comparison between bitcoin and gold. Unlike many others, they maintained that the crypto asset is not similar to the precious metal but to diamonds: “By marketing an idea rather than a product, they built a solid foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What’s true for diamonds is true for many goods and services, including Bitcoin.”
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