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A research badyst at UBS said Bitcoin had bottomed out, but it may take more than two decades to reach its record high of 19,700 USD (ATH) in mid-December 2017 .
The price of Bitcoin has finished
Kevin Dennean, an badyst at UBS, said that Bitcoin had bottomed out after going through its bubble phase.
Dennean's conclusions come from the comparison of the Bitcoin price trajectory 00 with other bubbles like the Dow Jones, Shanghai A shares, NASDAQ and Nikkei.
Commenting on the results of the comparison, Dennean states:
The argument is that bitcoin has gone through its bubble phase and is ready to be reborn from its ashes like a phoenix just like other badets and clues have done in the past.
The UBS research is the latest argument in favor of establishing a long-term fund for crypto-currency ranked first by market capitalization. Bitcoin's performance in 2019, particularly the significant rebound in April, seems to be reviving Bitcoin's price floor debate.
Bitcoin is up more than 40% since the beginning of the year. Cryptocurrency also seems to maintain the price of $ 5,000 despite some withdrawals over the past week.
New ATH in 22 years
While the UBS research is actually reaching the same conclusions as many cryptocurrency stakeholders that Bitcoin has exceeded, Dennean says BTC will not reach his HAT before 22 years.
This schedule also comes from BTC's comparison with the aforementioned stock markets. According to Dennean's report:
We are struck by the time it takes for other badet bubbles to return to their highs (up to 22 years for the Dow Jones Industrials) and the fact that annualized returns from the trough to the recovery are often mediocre.
It is true that the fall between Bitcoin and the NASDAQ was comparable to that of the NASDAQ in 2000 and the Dow Jones in 1929, the BTC had already been there many times before.
On each previous occasion, BTC not only recovered, but also recorded several orders of magnitude in subsequent years.
Dennean's research only seems to compare the stock market crash of 2018 to well-known stock market crashes. Bitcoin has already seen five "bubbles", including a 93% drop between June and November 2011.
However, the increase in Bitcoin over the last decade is unprecedented. Nothing has always as fast and as much, which makes it unmatched even for the most successful companies and innovators.
Do you agree with the BTC ATH timeline given by UBS researchers? Let us know your thoughts in the comments below.
Images via Business Insider, Bitcoinist, Shutterstock
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