Deutsche BankResearchers at .BTC have suggested that the price of Bitcoin (BTC) could rise as much as 40% to end 2022, despite a months-long losing streak.
Deutsche Bank analysts Marion Laboure and Galina Pozdnyakova said in a new report by BNN Bloomberg. bitcoin He noted that chart patterns are similar to traditional stock markets.
Analysts, who predicted that the S&P 500 will recapture the January levels, stated that with these predictions, BTC could go back to $ 28,000.
Analysts noted the successful branding by the De Beers company, adding that cryptocurrencies are more like diamonds than gold.
“By marketing an idea rather than a product, they have succeeded in laying a solid foundation for the $72 billion a year diamond industry they have dominated for the past eighty years. The right things for diamonds also apply to many goods and services, including Bitcoin.”
Laboure and Pozdnyakova concluded by warning that there are no guarantees that the Bitcoin price will rally due to the complex and unconventional nature of cryptocurrencies.
“Cryptocurrency Stabilizing prices is difficult because there are no shared valuation models like those in the public equity system. Also, the crypto market is highly fragmented. Crypto freefall could continue due to the complexity of the system.”
At the time of writing, Bitcoin was trading around $19,400, up 1.6% in the last 24 hours. BTC needs to rise 41.5% from current levels to revisit $28,000, a price last seen on June 12.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.