Deutsche Bank experts believe the price of Bitcoin could recover to $28,000 by the end of the year, Bloomberg has reported.
According to the bank's strategists Marion Laboure and Galina Pozdnyakova, the growth of the crypto will be associated with the rebound in the US stock market.
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According to them, since November, cryptocurrencies have become increasingly correlated with the Nasdaq 100 and S&P 500 indices. They believe these benchmarks will recover to January levels by the end of the year, dragging Bitcoin with them.
Bitcoin is currently trading around $19,000.
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Deutsche Bank strategists believe Bitcoin's case as the "digital gold" has collapsed. The crypto has not become a safe haven amid falling stock markets, while physical gold has "fared better" in this regard.
In fact, experts have highlighted Bitcoin is similar to diamonds, a "high-market asset" based mainly on marketing.