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Deutsche Bank analysts anticipate Bitcoin (BTC) will recoup to $28,000 by December 2022 as the cryptocurrency sector continues to deal with challenging conditions.
Bitcoin and the broader cryptocurrency markets have suffered a difficult six months, with Bitcoin's value seeing its worst quarter in a decade. Global macroeconomic factors played a role, with stagnant markets and inflation worries driving traditional stock markets and their cryptocurrency counterparts to painful lows.
According to research by Marion Laboure and Galina Pozdnyakova of Deutsche Bank, the medium-term forecast for BTC is intriguing. Since late 2021, based on their observations, cryptocurrency markets have matched the Nasdaq 100 and S&P 500.
The pair believes that the S&P will recover to its January levels and that Bitcoin’s link to the index will lead to a 30 percent gain in value from present levels by the middle of 2022. This would result in Bitcoin regaining the $28,000 milestone.
The forecast may alleviate some of the worry and uncertainty in the market, but the recovery of cryptocurrency markets is not so definite. Labor and Pozdnyakova cited the recent collapse of the Terra ecosystem and the Celsius scandal, as well as their impact on the markets, as aggravating factors:
“Stabilizing token prices is hard because there are no common valuation models like those within the public equity system. In addition, the crypto market is highly fragmented, and the crypto freefall could continue because of the system’s complexity.”
JPMorgan believes in a separate investor note that the crypto ecosystem may have already begun to revive. While organizations like the hedge fund Three Arrows Capital went bankrupt because they were unable to fulfill margin calls from investors during the crypto market meltdown, other industry participants bolstered the ecosystem:
“The current deleveraging cycle may not be very protracted given the fact that crypto entities with the stronger balance sheets are currently stepping in to help contain contagion and that venture-capital funding, an important source of capital for the crypto ecosystem, continued at a healthy pace in May and June.”
The letter also emphasized the $5 billion in venture capital investments in cryptocurrency companies over the last two months, which is reasonably healthy. This marks an increase of $3.4 billion over the same time in 2021.