Bitcoin’s Path to Retake $20,000 Could Be Slow and Painful: Analyst
By CCN: John McAfee continues to trumpet a bitcoin price that will hit $1 million by the end of the decade. He isn’t even afraid of betting his manhood on the same. Nonetheless, crypto bears keep coming back to spoil the party. One such doubter is UBS analyst Kevin Dennean.
UBS Analyst: Bitcoin Price Faces a Long Road to Recovery
According to Forbes, Dennean recently wrote:
“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.”
Dennean went on to add that “crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs.”
The analyst believes that just like other asset classes, the BTC price faces a slow and painful path to recovery. He likened the bitcoin price “bubble” to the 1929 Dow Jones collapse, suggesting he thinks it might take slightly more than two decades for the cryptocurrency to reach its highs of $20,000.
That’s a bold prediction to make considering the BTC price has rallied this year and now sits at approximately $5,300.
The bitcoin price vs. other asset bubbles. | Source: Business Insider, FactSet, CoinMarketCap and UBS
