Binance CEO Changpeng Zhao Compares Today’s Bitcoin Price with BTC’s History
Right now, the crypto markets are all in the red and some investors are scared. To most novices, this could mark the end of the crypto bubble. However, veterans of the industry understand better. These peaks and dips occur all the time in the crypto world.
Do Not Get Jittery Over Current Prices
Hindsight is always the best way to examine this relatively young market. With so many people focused on the short-term gains Bitcoin has been making, it can be easy to lose focus on the bigger picture. Since its invention, the Bitcoin has always undergone peaks and lows. This will not change anytime soon and 2018 is no different. The CEO of Binance, Zhao Changpeng recently commented on this issue.
Many people seems to think BTC price was flat before this year, as they appear to be on the graph. To the old timers, it's the same pattern every year. Just the units on the left is different. pic.twitter.com/mwu8U3jn0J
— CZ Binance (@cz_binance) June 10, 2018
He added that there had not been a flat Bitcoin price since its founding almost 10 years ago. He added that it was normal in all financial markets. He added that the markets were all subject to volatility. The CEO added that the Bitcoin was no exception even if things had remained the same since May 2011.
Ever since then, the highs and lows have continued to occur almost every week. This was what made the crypto markets so appealing. The CEO even shared a graph on Twitter, which showed that things had been volatile for a while now in the world of Bitcoin. Thus, it was not a sign that Bitcoin was going to crash.
Bitcoin Price Patterns
Bitcoin follows a specific pattern each year. This is especially so when there is extended bearish pressure. Even in 2017 when the price hit $20,000, the pattern did not change. However, the pattern led to an all-time high for the Bitcoin. In fact, the CEO has predicted that the Bitcoin could hit a new all-time high based on past trends.
What the Future Holds for Bitcoin
Predicting the future of anything in the crypto world can be hard. Some of the experts expect Bitcoin to reach at least $15,000 in 2018. This looks like a real possibility even though it is going to be too hard for it to happen. Even so, the price of Bitcoin remained low for 9 years, until last year when it shot through the roof.
By checking the past, we can tell that Bitcoin will not do too badly in the future. The bearish momentum in crypto is not new and there are many things to be positive about. For instance, institutional money has recently been pouring into the Bitcoin. This could continue to shake things up for years to come. Besides that, the problems of scaling in the Bitcoin seem like they could be resolved soon. This will no doubt have a positive impact on price.
For those that seek to make short-term profits via the Bitcoin, things may not seem too good right now. However, long-term investors seeking to make profits over time could still profit. A small setback is not a good enough reason to dump the Bitcoin.