While a lot of predictions have set the target price of Bitcoin to around $50k to $100k, a German multinational investment bank Deutsche Bank AG (NYSE:DB) 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:TSLA) 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:JPM) 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.