Despite growing adoption and value of Bitcoin (BTC) and the increasing number of exceedingly high prediction on BTC, a cryptocurrency research analyst has said it will take Bitcoin (BTC) price another 22 years to return to its all-time high, thereby heightening the fears of cryptocurrency enthusiasts.
After understanding the present situation in the cryptocurrency space, especially the new slight growth pulled by Bitcoin in the past few weeks, the financial analysis by UBS research analyst Kevin Dennean indicated that Bitcoin faithful will have to exercise patient for more than 22 years before Bitcoin (BTC) could reach $19,000- $20,000.
Nothing brought Dennean to this conclusion other than the comparison he made between Bitcoin and the cryptosphere pattern like that of the Dow Jones crashes of around 1929, NASDAQ slump of 2000 and the 2008 oil collapse.
While noting the common assertions among crypto lovers that Bitcoin is about to boom, the financial analyst said they did not notice how much year it took “other assets” to rise up.
His reasons for the delayed return of Bitcoin to $22,000:
“We’re struck by how long it took other asset bubbles to recover their peak levels (22 years for Dow Jones) and how pedestrian the annualized returns from trough to the recovery often are.”
He noted that not every busted bubbles recovers. He brought analogy of Nikkei, which crashed over 30 years ago, and has still not recovered since then. The asset still trades at half its all-time highs.
John McAfee Bitcoin (BTC) Price Prediction Looks Different
Unlike Kevin Dennean, software programmer and crypto pundit John McAfee believes Bitcoin will reach $1,000,000 before 2020.
Also, Tim Draper, the founder of Draper University had predicted $250,000 Bitcoin (BTC) price by 2022.
All these favourable Bitcoin (BTC) price prediction were echoed recently when Jesse Lund, head of IBM Blockchain, and Wences Casares, a director at Paypal who doubles as Xapo CEO, reiterated the same sentiment.
According to Wences, the possibility of Bitcoin rising to above a million dollar in the next 7 to 10 years is high provided Bitcoin gain prominence.
