CNBC Pro

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

Share
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.

More In Investing trends

CNBC ProThese stocks could be big winners if interest rates continue to fall
CNBC ProPros are changing their portfolios due to the unexpected decline in rates. How they're playing it
watch now
VIDEO02:38
CNBC ProHere's a good way to invest in the booming EV sector, says strategist David Roche