What the heck is going on with Bitcoin? It has plunged 58% this year and is on track for the worst quarter in over a decade. It broke below $20,000 per Bitcoin this week, a threshold investors have been dreading.
That is the question every investor is asking themselves.
Is it because the entire global economy is circling the drain? Is it because Bitcoin was always a wild speculation? Is it because, as Deutsche Bank says, it is too complex? Is it because global leaders are operating in the shadows to make sure Bitcoin does not emerge as a solution to global uncertainty? (That last one is my own conspiracy theory but a number of central bankers have echoed those sentiments.)
Whatever the reason, Deutsche Bank predicts that Bitcoin will stabilize by the end of the year at around $28,000 per Bitcoin. That’s probably not all that comforting to those who bought in at $60,000 but you know the saying: It’s not about timing the market. It’s about time in the market.