A research analyst at UBS says Bitcoin has bottomed out but may take more than two decades to reach its mid-December 2017 all-time high (ATH) of $19,700.
Bitcoin Price Has Bottomed Out
Kevin Dennean, a UBS analyst says that Bitcoin has bottomed out, having gone through its bubble phase.
Dennean’s conclusions come from comparing the trajectory of Bitcoin price 00 with that of other bubbles like the Dow Jones, Shanghai A-shares, NASDAQ, and the Nikkei.
Commenting on the results of the comparison, Dennean states:
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.
The UBS research is the latest argument pointing to the establishment of a long-term bottom for the top-ranked cryptocurrency by market capitalization. The performance of Bitcoin in 2019, especially the significant rally in April seems to be reigniting the debate over the Bitcoin price bottom.
Bitcoin is up by more than 40 percent since the start of the…