Deutsche Bank: Bitcoin will hit $28,000 this year

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Analysts from the largest European bank, studying the cryptocurrency market, predicted a slight increase in the cost of Bitcoin.      

Deutsche Bank posted resultsstudy, the authors of which claim that by the end of 2022 Bitcoin could reach $28,000 due to the strong correlation of the first cryptocurrency with traditional markets. The authors, Deutsche Bank analyst Marion Laboure and Galina Pozdnyakova, suggest that Bitcoin will rise by more than 30% compared to the value of BTC on Wednesday, June 29 (about $20,000).

According to analysts, even at this priceBitcoin will trade at less than half its November peak. According to experts, BTC has been increasingly correlated with stock indices such as the Nasdaq 100 and S&P 500 since November. Bank strategists predict that the S&P will recover to January levels by the end of the year, and Bitcoin will be able to join it.

“Digital currency is most similar to diamonds. This is an actively traded asset, unlike gold, which is a stable safe-haven commodity,” analysts say. 

Deutsche Bank report says Bitcoindid not live up to the forecasts of experts and observers who said that BTC would become a way for investors to save money. Gold, far better than digital assets, held on, maintaining its price, analysts say. Experts recalled the largest company in the diamond market, De Beers, which was able to change consumers’ perceptions of precious stones thanks to advertising:

"By promoting an idea rather than a product, they createda solid foundation for the $72 billion annual diamond industry that has dominated the last eighty years. What is true for diamonds is true for many other goods and services, including Bitcoin.”

Bestselling author of Rich Dad Poor Dad Robert Kiyosaki is waiting for Bitcoin to drop to $1,100 before investing in the first cryptocurrency.