- The Bitcoin price up at the heights of $19,000-20,000 seen in 2018 may not be seen for another 22 years.
- UBS analyst made the bold claims after conducting financial analysis versus over market falls.
UBS research analyst Kevin Dennean conducted some financial analysis on Bitcoin (BTC), he made a very bold and very controversial statement. Dennean said that Bitcoin will have to wait over 22 years to climb back to its earlier heights seen of $19,000 – 20,000.
Dennean had made a comparison that the pattern of Bitcoin and the cryptosphere versus the trends of other financial system crashes such as the Dow Jones crash of 1929, the NASDAQ drop in 2000 and the oil crash of 2008. The UBS analyst detailed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the reasoning for the delay of Bitcoin rising saying:
WE’RE STRUCK BY HOW LONG IT TOOK OTHER ASSET BUBBLES TO RECOVER THEIR PEAK LEVELS (AS LONG AS 22 YEARS FOR THE DOW JONES INDUSTRIALS) AND HOW PEDESTRIAN THE ANNUALIZED RETURNS FROM TROUGH TO THE RECOVERY OFTEN ARE.