Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO
June 24 2022 - 7:00PM
NEWSBTC
Bitcoin has recovered above $20,000 but since then, there has not
been any significant upward movement. This has led to speculations
on whether the digital asset would be able to reclaim its all-time
high in the near future. Binance CEO, Changpeng Zhao, has weighed
in and shared his thoughts on this debate, and according to the
CEO, such recovery should not be expected anytime soon. Another
Couple Of Years For ATH In a recent report, the CEO of the world’s
largest crypto exchange Binance has shared some rather bearish
sentiments for the short-term for bitcoin. The digital asset which
had touched $69,000 in November last year has been unable to
recover to that point and Zhao has explained that such recovery
will not be taking place anytime soon. Related Reading
| Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery The
exchange founder said that after dropping so much from its all-time
high, it would take some time for the market to see such prices
again. “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,” the CEO
said. “It probably will take a few months or a couple of years.”
However, it is not all grim given that the price today would have
been highly welcomed four years ago, the founder said. An example
is when bitcoin had reached its peak last cycle, almost touching
$20,000. Investors had rejoiced at this price before the market had
retraced 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.” BTC starts another recovery trend | Source: BTCUSD on
TradingView.com Bitcoin On The Charts The cryptocurrency Bitcoin
has been on the rise lately. After touching as low as $17,600, the
current price point has provided a much-needed reprieve for
investors. However, as the market is balancing out, more bearish
indicators are beginning to emerge. Related Reading | Low
Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak
Confidence in bitcoin has dropped over the last couple of weeks as
investor sentiment had taken a massive blow. Additionally, bitcoin
had gone on to close another week in the red, marking more red
closes so far for the year than green closes. As such, it has given
bears a stronger hold over the market, especially in the short
term. The sell-offs which continue to rock the market still
threaten its position above $20,000. As such, it has been
unsuccessful when trying to break the $21,2176 resistance point.
However, there is support brewing at the $20,090 level, showing
that bulls do not plan to go down without a fight. Featured image
from CNBC, chart from TradingView.com Follow Best Owie on Twitter
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