German investment bank says Bitcoin could drop by 50%

While a lot of predictions have set the target price of to around $50k to $100k, a German multinational investment bank Deutsche Bank AG (NYSE:) has stepped forward to say that Bitcoin is likely to halve in value.

According to a January survey conducted by the bank, several market professionals believe that Bitcoin and Tesla (NASDAQ:) stock are in bubble territory. More than half of the respondents said that Bitcoin is more likely to drop to the $18k range over the next year. This is contrary to what industry experts like Dan Tapiero of 10T Holdings and Nikolas Panigirtzoglou of JPMorgan (NYSE:) are saying. Tapiero, for instance, gave a prediction of $100k by the third quarter of this year.

Deutsche Bank’s strategist Jim Reid pointed out that Bitcoin was giving signs of an equity market bubble. He said:

When asked specifically about the 12-month fate of bitcoin and Tesla—a stock emblematic of a potential tech bubble—a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers.

According to the survey, 25% of the respondents believe that Bitcoin could double. On the other side of their predictions is Biden’s upcoming stimulus package. Reckless money printing is helping sell the Bitcoin narrative.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

×