Binance CEO Believes BTC might not reclaim its all-time high for the next two years while it did manage to recover above $20,000 but since then, it hasn’t been any bigger upward movement so let’s read more today in our latest Bitcoin news.
This led to speculation on whether the digital assets will be able to reclaim the ATH in the near future. Changpeng Zhao, the Binance CEO believes that Bitcoin will not be able to recover to its ATH for the next two years and such recovery should not be expected anytime soon. In a recent report, the CEO of Binance shared some rather bearish sentiments for the BTC short-term. The digital asset which touched $69,000 in November and was unable to recover to that point and Zhao noted that such recovery won’t be taking place anytime soon.
The exchange founder said after dropping a lot from its ATH, it will take some time for the market to see the prices rising again. The CEO said:
“I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back. It probably will take a few months or a couple of years.”
It’s not all grim however given the price today will have been highly welcomed four years ago as the founder noted. An example is when BTC reached its peak last cycle and touched $20,000 and investors rejoiced at the price level before the market retracted into a bear market:
“20k we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”
The Bitcoin price has been on the rise lately and after touching as low as $17,600 the current price point provided a much-needed reprieve the investors. However, as the market is balancing out, more bearish signs are starting to emerge. Confidence in BTC dropped over the past few weeks as investor sentiment took a huge blow. Bitcoin went on to close another week in the red and marked more red closes so far with the year closing in the green. As such, it gave bears a stronger hold over the market in the short term. The sell-off continues to rock the market and threatened the $20,000 position. As such, it was quite unsuccessful when trying to break the $21,217 level but there’s support brewing at the $20,090 level which shows the bulls don’t plan to go down without a fight.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]