Bitcoin has crossed $20,000 but has not seen any significant upward movement since then. This has led to speculation as to whether the digital asset will be able to reclaim its all-time high in the near future. Binance CEO, Changpeng Zhao, echoed this debate and shared his views, and according to the CEO, such a recovery should not be expected anytime soon.
ATH. for another couple of years
In a recent report, the CEO of the world’s largest crypto exchange Binance shares some rather bearish sentiments for bitcoin in the short term. The digital asset, which reached $69,000 in November last year, has not recovered to that point and Zhao explained that such a recovery will not happen anytime soon.
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The exchange’s founder said that it will take some time for the market to see such prices again after such a steep fall from their all-time highs. “I think it will take some time to come back from the all time highs of 68k to 20k given this price drop,” the CEO said. “Maybe it will take a few months or a few years.”
However, it’s not all that serious, as today’s price would have been highly welcomed four years ago, the founder said. One example is when bitcoin reached its peak final cycle, touching around $20,000. Investors rejoiced at this price before the market turned back into a bear market.
“20k we think is too little today. But you know, in 2018, in 2019, if you told people that bitcoin would be 20k in 2022, they would be very happy. In 2018/19, bitcoin $3,000, $6,000 was.”
BTC starts another recovery trend | Source: BTCUSD on TradingView.com
bitcoin on the chart
The cryptocurrency bitcoin has been on the rise lately. After touching a low of $17,600, the current price point has provided a much-needed respite for investors. However, more bearish indicators are beginning to emerge as the market is balancing.
Related Reading | Low Bitcoin Price Triggers Inflows, But Investor Sentiment Remains Weak
Confidence in bitcoin has plummeted over the past few weeks as investor sentiment has been hit hard. Additionally, bitcoin had closed another week in the red, indicating more red closes for the year so far than the green close. As such, it has given the bears a firm grip on the market, especially in the short term.
The selloff, which continues to shake the market, remains a threat to positions above $20,000. Therefore, it failed to break the $21,2176 resistance point. However, support is forming at the $20,090 level, which shows that the bulls do not plan to go down without a fight.
Featured image from CNBC, chart from TradingView.com
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