Bitcoin, the world’s largest cryptocurrency has registered a price drop of over 57% in the past 90 days. Amid this downtrend, Deutsche Bank’s analysis suggests that BTC’s price can rally by 30% over the current level by the end of 2022.
Bitcoin price down by 5%
The cryptocurrency market’s correlation with the Nasdaq 100 and the S&P 500 has increased with time. Meanwhile, the recent anticipation over the Fed interest rate has affected the market in every way. The bank strategists hint that S&P can recover to the January levels by the end of this year. This movement will bring Bitcoin along for the ride.
The analysis done by Marion Laboure and Galina Pozdnyakova encouraged that the BTC prices can reach high as $28K. However, the suggested price level will still be more than halfway down from the Bitcoins all time high in November 2021.
Bitcoin price has plunged by almost 5% in the last 24 hours. It is trading at an average price of $19,090, at the press time. BTC’s price has dropped by 40% over the past 30 days. The month of June saw the world’s biggest crypto token’s price collapsing under the price level of $17,800. As per the data, its total market cap has shrunk to stand at $364.2 billion.
BTC failed pundits’ predictions
The Duo highlighted that BTC has failed to live up to many pundits’ predictions. It was said that it will prove to be an investor refuge. Meanwhile, it has posted more than 50% losses this year. As per the report, the digital assets have underperformed bonds, stocks and other commodities during the market collapse.
Laboure and Pozdnyakova added that cryptocurrencies are more like diamonds. It is a highly marketed asset rather than gold. They mentioned that there have been many other troubles in the crypto space which has affected the market. Recent activities like the turmoil of some digital-asset hedge funds and lenders have left the investors in doubt.
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