Does Deutsche Bank predict the upside on bitcoin?: The past few months have seen a sharp decline in the value of many cryptocurrencies, especially bitcoin. But one company, Deutsche Bank, has predicted that this is the end of the crash and that bitcoin will soon rally.
The Wall Street heavyweight is bullish on the prospects of bitcoin, the largest cryptocurrency by market cap. Analysts at the bank have also compared the prospects of bitcoin to a $72 billion market.
Crypto Market Update: Does Deutsche Bank predict the upside on bitcoin?
According to the crypto market analysts of Deutsche Bank, the price of bitcoin may cross $30,000 by the end of 2022. Analysts emphasized the cryptocurrency’s close relationship to global stock markets, especially US equities, and argued that bitcoin is worth more than diamonds.
“De Beers (Diamond Corporation) built a strong foundation for the $72 billion per year diamond industry that it has dominated for the past eight decades, promoting an idea that is valid for diamonds rather than a tangible good. is valid for a number of other products and services, including bitcoin,” analysts at the bank said in a statement.
Bitcoin’s reputation as a performing asset similar to gold has been damaged in times of uncertainty if we assume that its price has plummeted due to rising inflation and the threat of a worldwide recession. Gold, on the other hand, has outperformed.
Deutsche Bank experts have warned that the downturn in the crypto market could last for some time.
After bitcoin’s recent drop below $20,000, sentiment in the crypto markets is gloomy. Some experts like Peter Schiff are predicting that there will be more pain for crypto investors as they race to withdraw their funds from exchanges.