Deutsche Bank says bitcoin's gone from 'trendy to tacky.' Here's what it expects to happen next

A photo illustration depicting the cryptocurrency bitcoin.
Jakub Porzycki | NurPhoto via Getty Images

LONDON — For Deutsche Bank, bitcoin has lost its flair.

Bitcoin suffered a huge plunge this week that saw the digital currency fall to three-month lows. It dived 30% to nearly $30,000 at one point on Wednesday, before paring losses later that day.

On Thursday, bitcoin bounced back above $40,000 as the crypto market attempted to recover. Bitcoin was last trading 1% lower at a price of $39,703 on Friday, according to Coin Metrics data.

Deutsche Bank Research Analyst Marion Laboure thinks the sell-off was a long time coming.

And she believes there could be more trouble ahead for the cryptocurrency market as it reaches a critical point.

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