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Analysts at Deutsche Bank have revealed they expect the price of the flagship cryptocurrency Bitcoin ($BTC) to be around $28,000 by the end of the year given how the cryptocurrency has been trading in tandem with U.S. stocks.

According to Bloomberg , analysts Marion Laboure and Galina Pozdnyakov have suggested that BTC may see a rally of over 30% before the end of the year, even though nearing $30,000 would still see the cryptocurrency trade at less than half of its peak value seen in November 2021.

Bitcoin’s price has plunged more than 58% so far this year to now trade slightly above the $19,000 mark after a cryptocurrency market sell-off partly driven by a risk-off mood associated with central banks hiking interest rates to curb inflation and the war in Ukraine.

As CryptoGlobe reported, analysts from on-chain analytics firm Glassnode have said the ongoing cryptocurrency bear market may be the worst one on record , basing their assessment on a number of indicators including BTC’s 200-day simple moving average.

The indicator is “commonly used” to mark whether BTC is undergoing a bull or bear market, as prices remaining above its 200-day moving average show the cryptocurrency is undergoing a bull market, while prices below that moving average show it is in a bear market.

Deutsche Bank’s strategists also likened the cryptocurrency to diamonds, which are a highly marketed asset, rather than to gold, a stable safe-haven commodity.