Pessimistic forecast of the future of the first cryptocurrency was presented by analyst Kevin Dennean. He compared the bitcoin bubble with the collapse of the Dow Jones and the fall in oil prices.
To the former maximum price mark, Bitcoin will return only after 22 years. This is sure the expert cryptocurrency industry Kevin Dennean, according to Ambcrypto.
Before making such a statement, the analyst conducted a financial study where he compared developments in the cryptocurrency industry with various failures of financial systems, such as the collapse of Dow Jones in 1929, the decline of NASDAQ in 2000, and the fall in oil prices in 2008. Dennean believes that bitcoin is on the path to "bullish growth", but it will take a long time to rise.
“I am amazed at how much time other asset bubbles took to restore their peak levels (up to 22 years for Dow Jones Industrials),” said Kevin Dennean.
The analyst also said that it’s not at every crash that one can restore the previous highs. For example, the collapse of the Nikkei (one of the most important stock indexes in Japan), which after 30 years of decline has still not been able to reach its early peak.
The Japanese financial bubble was inflated in the late 80s, when real estate prices rose, and the stock market was very volatile. In 1992, he burst, and the economic machine of Japan stopped. The same, according to the expert, can happen with bitcoin.
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