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Bitcoin continues to hover around $20,000 after recovering from the recent dump, where BTC price had tested levels below $18,000 in one of the market’s bloodiest weeks.
According to Changpeng Zhao, founder and CEO of the world’s largest crypto exchange and trading platform, it’s likely Bitcoin will take some time before rebounding to the highs seen in 2021.
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In comments made during an interview with The Guardian, Zhao aka ‘CZ’ said it would “probably take a few months or a couple of years,” for BTC to get back to $69k. However, it’s practically not possible to “predict the future”.
The Binance chief also commented on Bitcoin’s price today compared to where it was in 2018 and 2019. He believes the top coin’s value in 2022, even after the brutal sell-off, is at a level where most people would have gladly taken it at the time when it fell to lows of $3,000.
He noted:
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.”
Price fluctuation normal
Bitcoin’s remarkable decline in 2022 has the cryptocurrency down over 70% since its all-time high, and could shed more if the downside picks a fresh leg.
But commenting on this outlook and whether he still considers this “normal,” Zhao suggested it is – pointing to BTC’s bottom (currently) compared to previous market peaks.
According to him, at current prices, Bitcoin’s is still much higher than where it was when it hit its peak in 2017. He opines that the industry is still growing, and that this means there are likely to be huge fluctuations in prices – which again, “is normal.”
Recently, Zhao pointed out how to a chart showing Bitcoin price levels compared to previous ones every time news headlines screamed “bitcoin dead.”
Historically speaking, if you bought #bitcoin every time there is a "bitcoin is dead" headlines, you would have done well.
— CZ 🔶 Binance (@cz_binance) June 19, 2022
Logic: when they lose hope, that's when the bottom is in.
NFA. NOT recommending this or any strategy for the future. https://t.co/GMAS446FVI
On the overall outlook for the market, the Binance exec says the crypto crash will definitely hurt some projects, especially those that have had bad practices.
Binance believes such projects should not get bailed out so as not to “perpetuate bad companies” within the industry.
Bitcoin was trading around $20,300 on Thursday afternoon, just in the green on the day but about 9% down in the past 7 days.
BNB, the native coin in the Binance ecosystem, was changing hands around $222, up 3% in the past 24 hours. However, BNB/USD is down nearly 4% in the past week.