A Deutsche Bank report on the bitcoin market predicts a rebound in the price of this cryptocurrency to USD 28,000 by December of this year, which represents an increase of 47% to the current price of USD 19,054.
In the reportcarried out by the analysts of that financial institution, Marion Laboure and Galina Pozdnyakov, the close correlation of the price of bitcoin with traditional stocks and stock indices is highlighted. Both asset classes are closing a first half in the red, although analysts expect the S&P 500 index to return to the levels it was at the beginning of the year. The price of bitcoin, consequently, should follow the same trend.
If the forecast of almost a 50% increase in the price of bitcoin for December materializes, it would still close the year less than half of the all-time high of November 2021. At the time of writing this article, the S&P 500 is down 21 .08% so far this year, while bitcoin shows a drop of 59.61%.
Bitcoin: the new diamond?
Bitcoin is more like diamonds than goldsay the authors of the report, who affirm that one of the main diamond trading firms, De Beers, was able to change the perception of consumers about these gems thanks to its advertising efforts.
“By marketing an idea rather than a product, they built a strong foundation for the $72 billion-a-year diamond industry, which they have dominated for the last eighty years. What is true for diamonds is true for many goods and services, including bitcoin,” says De Beers.
The report also draws attention to the difficulties that the crypto sector has recently faced, such as the collapse of Terra and the crisis of the lending platform Celsius Network. These difficulties had an important influence on the record 40.6% drop in the price of bitcoin in June, which means its worst monthly drop in the history of this cryptocurrency, as reported by CriptoNoticias.