- Recent crypto havoc has caused the crowned crypto asset and the altcoins to plunge, where they are struggling to climb the ladder back.
- The Deutsche Bank researchers think highly of Bitcoin and believe that the crypto asset will make the leap to reach $28K levels.
- As of now, Bitcoin was bearish by 10.41% during the past week, and was trading at the market value of $19,116.10.
Deutsche Bank Analysts Shedding Optimism
Bitcoin might still be the dominating cryptocurrency to this date, with its current market dominance of 42.2% over the digital asset sector. But times are harsh as the dark clouds are hovering above the crypto skies.
Amid this turbulence in this cryptocurrency market, German multinational bank, Deutsche Bank, researchers are spreading the soothing words, and are making the folks to sit tight as they believe that Bitcoin will hit the $28K levels by the end of this year.
Bitcoin, with other altcoins, are struggling to keep up amid the crypto bloodshed. BTC specifically has witnessed the worst period since the previous 10 years.
Worldwide market is also one of the causes for the current scenario in the crypto sphere, with inflation fears and stagning markets making the traditional stocks go down.
Galina Pozdnyakova and Marion Laboure, researchers at Deutsche Bank, share an interesting vantage point in this scenario regarding medium term outlook for the crowned crypto asset.
As per the duo, the current crypto market is moving similar to S&P and Nasdaq 100 back in 2021.
They also believe that Bitcoin has a potential to jump back to its January price levels, which indicates a 35% increase in its value. In short, BTC reclaim the $28K levels again.
Will Crypto Recover?
At this point, we cannot say anything regarding the cryptocurrency market. But we must not forget the fact that the digital asset market has shown potential before. And Bitcoin is the biggest example of this, as the folks in the sphere have seen the crowned asset recover many times.
Crypto market is a volatile boat, but it has offered some prominent outputs to the investors, so let’s just hope that we will see the recovery of this market at some point if not soon.
Source: https://www.thecoinrepublic.com/2022/07/04/bitcoin-will-rebound-to-28000-by-december-thinks-researchers-at-deutsche-bank/