Analysts at Deutsche Bank, a renowned investment banking firm, made positive price predictions for Bitcoin (BTC), the world’s largest cryptocurrency by market cap. Here are the details…
Deutsche Bank targets $28,000 for Bitcoin
According to analysis by Deutsche Bank’s Marion Laboure and Galina Pozdnyakova and published by Bloomberg, the largest cryptocurrency will rise to $28,000 by the end of the year. It will gain about 40 percent from its current price of $20,035. Laboure and Pozdnyakova expressed confidence in their Bitcoin predictions as the world’s largest cryptocurrency has been heavily correlated with the Nasdaq 100 and S&P 500 since November 2021.
Analysts said traditional financial instruments will rise to January levels in the coming months. He stated that Bitcoin will follow closely to reach $28,000 by the end of the year. As we reported on cryptokoin.com, Bitcoin has lost a significant percentage of its value since reaching its all-time high of $69,047.
Most people did not expect the drop in Bitcoin
With BTC reaching $69,000 in November, many experts began to put forward their estimates of $100,000 in BTC. At the time, most people thought that with the bullish calls, the chances of bottoming out were diminishing. Unfortunately, Bitcoin went against these predictions. It has dropped more than 71 percent since hitting an all-time high last year.
A number of factors, including rising inflation and the Terra crash, have been attributed to the reasons why Bitcoin’s value has plummeted. The world’s largest cryptocurrency, referred to as a hedge against inflation, has failed to provide investors with shelter in the ongoing economic crisis. Deutsche Bank analysts see BTC at $28,000 by the end of the year. But that estimate isn’t even close to 50 percent of the asset class’s previous all-time high of $69,000.
BTC still has not found a bottom
At the time of writing, Bitcoin is changing hands at $19,527. The cryptocurrency has dropped 2.4 percent in the past 24 hours. Despite Bitcoin’s massive decline since the beginning of the year, many experts still believe that the asset class has yet to find a bottom. Following Bitcoin’s previous bearish cycles, the current BTC bottom is expected to be between $10,000 and $14,000. This is a prediction confirmed by veteran futures trader Peter Brandt. However, in this area known for being unpredictable, it is unclear what levels the biggest crypto money will see.
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