In the latest cryptocurrency news, we are focusing on the Bitcoin price analysis as a main topic – especially because of one analyst who went in with a statement that BTC could be leading its way to $20,000 in a slow and painful process.
As the crypto news featured on Forbes wrote, quoting Kevin Dennean as a top tech analyst at the Swiss bank UBS:
“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.”
He also went on to add that “crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs,” saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery.
Featured on many best cryptocurrency news sites, Dennean’s statement also likened the Bitcoin price “bubble” to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
“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,”
In his Bitcoin price analysis, Dennean said:
“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.”
He also compared the rapid rise and fall of the Bitcoin price and warned the public:
“Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs.”
In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future – and all of this alone gives hopes to many traders and BTC price believers.
Stock Market Outperformed By Bitcoin By 10 Times This Year
‘’At this point, a $200 move in the price of Bitcoin could easily lead to a move of $2,000.’’The billionaire venture capitalist Tim Draper, spoke to CNBC and pointed out that the newly established brands which go public such as Uber, aren’t going to experience huge price growths. Instead, he expects that the stock market and its value will increase by 10 to 20 percent. Bitcoin bulls, on the other hand, don’t get a headache for the top-ranked cryptocurrency since BTC has so far remained close to the $8,000 price point despite the recent downturns. Mary Yusko, the Managing Director of Morgan Creek Capital Management, stated in an interview with one of the best cryptocurrency news sites and described BTC as a great investment portfolio diversifier. Many other commentators have stated previously that BTC will constitute at least one percent of every investment portfolio. Yusko also expressed his opinions similar to Pompliano’s saying that BTC is always a better investment than stocks. Back in 2019, Yusko spoke about the potential of the cryptocurrency saying it was the greatest wealth opportunity of our time. Bitcoin’s stock would be a great investment portfolio diversifier that could come into more significant prominence during a market decline. According to Yusko, the Federal Reserve and their comments on slashing interest rates show the awakening of the economic weakness. Central banks across the world are also on considering adding similar monetary policies. The history of price precedence shows that the rate cuts can lead to market weakness as it was in 2001 or 2008. For some people such as the bitcoin bull Max Keiser and Travis Kling, Bitcoin is a hedge against the fallback from the ‘’irresponsible’’ central bank policies.
CME Futures Gaps Show Bitcoin Could Be Headed To $18,000 (Or Higher)
Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
“BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
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