Kevin Dennean, an analyst at Swiss bank UBS Group Inc. has warned clients that bitcoin may take 22 years to reach its former level of $20,000 or more. He said in a research note that bitcoin has gone through its bubble burst phase and will take some time to recover, according to a report by Forbes.

"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 said in the report.

At the time of this report, bitcoin's value was at $5,249.