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Deutsche Bank Sees Bitcoin Returning to $28,000 by Year-End

  • Bank analysts forecast that coin could follow S&P 500 higher
  • They also posit that Bitcoin is more digital diamond than gold
Cryptocurrencies in Belgium
Photographer: Valeria Mongelli/Bloomberg

Given how closely it has been trading with US stocks, Bitcoin could reach as high as $28,000 by the end of the year, according to an analysis from Deutsche Bank.

Bitcoin, the world’s largest digital token, has slumped in 2022 amid a risk-off mood driven by rate hikes and inflation fears. The analysis by Marion Laboure and Galina Pozdnyakova suggests a more-than 30% rally from the coin’s Wednesday trading level of around $20,000 -- though even that price-point leaves the token trading at less than half its November peak.