In the latest cryptocurrency news, we are focusing on the Bitcoin price analysis as a main topic – especially because of one analyst who went in with a statement that BTC could be leading its way to $20,000 in a slow and painful process.
As the crypto news featured on Forbes wrote, quoting Kevin Dennean as a top tech analyst at the Swiss bank UBS:
“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.”
He also went on to add that “crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs,” saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery.
Featured on many best cryptocurrency news sites, Dennean’s statement also likened the Bitcoin price “bubble” to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
“The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,”
In his Bitcoin price analysis, Dennean said:
“The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past.”
He also compared the rapid rise and fall of the Bitcoin price and warned the public:
“Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs.”
In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future – and all of this alone gives hopes to many traders and BTC price believers.
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