Bitcoin Could Hit $70,000 in Months or Years, Says Binance CEO


Tomiwabold Olajide

Bitcoin could stay below the $70,000 peak for the next two years after the latest crypto market sell-off: CZ

Changpeng Zhao, CEO of crypto exchange Binance, believes Bitcoin could hit its all-time high of nearly $70,000 in a few months to a few years. Bitcoin could remain below its nearly $70,000 peak for the next two years after the crypto market’s latest sell-off, the CEO said in an interview with The Guardian

Zhao stated, “I think given this price drop, from its all-time high of 68k to 20k now, it will probably take a while to come back. It will probably take a few months or a few years,” adding that ” no one can predict the future.”

On Saturday, Bitcoin’s price plummeted below $20,000 and later dropped to $17,601. The drop also brought Bitcoin below the all-time high of $19,783 it reached in December 2017, a level many crypto traders believed Bitcoin would not fall below.

At the end of December 2017, Bitcoin hit an all-time high of nearly $19,783. Bitcoin fell close to the $3,000 threshold as the 2018 bear market kicked off. It repeated this feat in December 2020, nearly three years after it first hit $20K. If history is any indication, it could mean it could be some time – possibly months or years before Bitcoin hits its most recent record ever.

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According to CZ: “20k we think it is very low today. But you know, in 2018, 2019, if you told people that bitcoin will be 20k in 2022, they would be very happy. In 2018/19 bitcoin was $3,000 , $6,000.”

Bitcoin price action

Bitcoin traded again around the $20,000 level amid lingering concerns about a bigger shakeout in the broader market.

“Bitcoin has made ‘a bottom,’ but probably not ‘the bottom,’” said Mark Newton, chief of technical strategy at Fundstrat Global Advisors. Cryptocurrencies have been moving in the same direction as stocks for months as investor interest in risky assets waned due to mounting concerns about an economic collapse.

Ian Harnett, the co-founder of Absolute Strategy Research, said past crypto rallies indicate Bitcoin tends to fall about 80% from all-time highs. Such a repeat in 2022 could plunge the leading cryptocurrency by nearly 40% to $13,000 — a “key area of ​​support,” Harnett said.



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