The CEO of Binance, “CZ,” has expressed his view on Bitcoin when crypto experts and Bitcoin supporters are attempting to predict a bottom. As “bitcoin is dead” headlines emerge, he expects the king cryptocurrency will reach a low point. Consequently, he reasoned, those who purchased Bitcoin when such a mood existed in the past profited the most.
Bitcoin Could Reach a Low As Negative Sentiment Surges.
In a June 20 tweet, the CEO of Binance, “CZ,” stated that everyone who purchased the pioneer cryptocurrency when the general belief was “bitcoin is dead” had a better return on investment. The bottom is reached when consumers lose faith in a Bitcoin recovery. At these levels, Bitcoin is a superb buy-the-dip opportunity.
He stated:
“Historically speaking, if you bought Bitcoin every time there is a “bitcoin is dead” headlines, you would have done well. Logic: when they lose hope, that’s when the bottom is in.”
The CEO of Binance stressed that he does not endorse this or any other future strategy. Many individuals anticipated that the Bitcoin bubble would burst when its price surpassed $65,000. There have already been speculative bubbles in 2011, 2013, 2017, and 2021-22.
BTC/USD trades at $20k. Source: TradingView
The benchmark coin is presently trading at $20,440, a 15% increase from its June 18 low of $17,708.
Several crypto investors and organisations, such as Digital Currency Group, have admitted to purchasing BTC while it is inexpensive.
$20K Is the New $30,000 For Bitcoin.
On the other hand, Peter Schiff has cautioned Bitcoin investors not to get too excited if the price of the cryptocurrency soars beyond $20K. He believes that $20K is the new $30K and that incremental rises should occur before a steep decline. He continued by stating that large drops do not occur in a straight line and that the slow decline is very orderly.
Don’t get excited about #Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.
— Peter Schiff (@PeterSchiff) June 19, 2022
Schiff said that he has yet to observe signs of surrender, which would imply a bottom in the present terrible market for cryptocurrencies.
Many times early this year, Schiff projected that the price of the king cryptocurrency would drop as low as $6,000. He tweeted over the weekend that his previous prediction of the cryptocurrency market going below $800 billion had been realised. However, it took a few more days, and altcoins performed better than he anticipated.