[2019-04-20] Bitcoin’s Path to Retake $20,000 Could Be Slow and Painful: Analyst

[cybersofts]

Bitcoin's recovery could be slow and painful before recapturing its peak.


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.


Reference: https://www.ccn.com/bitcoins-20000-slow-painful-analyst

[gentlemand]

Dow Jones

A market that is fully mature and fully saturated that trades in one country 8 hours a day 5 days a week.

I'm in no mood to make predictions, but I don't see how anyone vaguely observant could make this comparison and not feel like a certifiable penis.

[adel hmdt]

yes, i think it's going to be really slow, not recomended for old people to invest, i mean i don't think bitcoin will ever lose it value and to be honest i think that in the near future we will get rid of real money, we're all going to switch to bitcoin and it might be worldwide, who knows.

[joniboini]

yes, i think it's going to be really slow, not recomended for old people to invest, i mean i don't think bitcoin will ever lose it value and to be honest i think that in the near future we will get rid of real money, we're all going to switch to bitcoin and it might be worldwide, who knows.

Why old people are not recommended to invest here? I don't see any relations between age and investing in Bitcoin. On top of that older people tend to have more spare money to invest so I do think it's a good idea for them to invest here.

What value are you talking about? Price? Because history has taught us many times that Bitcoin can rise and go down multiple times.

[hugeblack]

Let us ignore the essence of the comparison between Bitcoin and Dow Jones.
Not going back to $ 20,000 does not mean anything, but on the contrary it is an indication that the currency is not a bubble.

Let's agree that the price of $ 20,000 was temporary and accompanied by a lot of manipulation between the platforms and an attempt to weaken it through the spam and other things.

The price is now growing naturally and meaningless from going back to $ 20,000.

[1Referee]

Why old people are not recommended to invest here? I don't see any relations between age and investing in Bitcoin. On top of that older people tend to have more spare money to invest so I do think it's a good idea for them to invest here.

I guess that he's referring to how older people have fewer years left to live and that they won't be able to benefit from Bitcoin when it eventually peaks.

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In the end, all these entities have been wrong with their predictions, before and after the bull run, so why should we pay attention to any of their current predictions? People with little to no exposure to Bitcoin talking big are nothing more than a bunch of annoying flies. Just like that hyperwave idiot thinking that we will drop below $1000 before we can finally think about a bottom.

He doesn't understand that dropping below $1000 from where we are today isn't something to look forward to, but rather something that we should fear. If we drop to that level something has changed and the demand that we thought was relatively high ends up being hot air. I would buy that dip in an instant, but it's not something I feel comfortable with.

The only thing I can see drag the price down to $1000 is when Tether implodes and suddenly all Tethers are worthless tokens.

[Hamphser]

How the hell these people do compare BTC to Dow Jones? Its not correlated at all.We do see hard corrections but talking about recovery then BTC is unpredictable but somehow

I do prefer on watching this movement which is slowly and gradually until we reach new heights rather than seeing sharp pumps and dumps on shorter durations.