Bitcoin may stay below $70,000 peak in next two years after latest crypto market selloff: CZ
Changpeng ZhaoThe CEO of crypto exchange Binance believes that bitcoin could reach its all-time high of $70,000 between a few months and a few years. The CEO said in an interview with The Guardian that bitcoin could remain below its peak of around $70,000 in the next two years following the latest crypto market selloff.
JUST IN: Binance CEO Raises $70,000 . predicted $BTC In “a few months or years”— Market Meditation (@MrktMeditations) 23 June 2022
“I think it will probably take some time for it to come back, given this price drop, from 68k so far to 20k. It will probably take a few months or a few years,” Zhao said. No one can predict the future.”
On Saturday, the price of bitcoin fell below $20,000 and later dipped as low as $17,601. The decline brought bitcoin below a record high of $19,783 in December 2017, a level many crypto traders believed bitcoin would not fall below.
At the end of December 2017, bitcoin reached an all-time high of around $19,783. As the 2018 bear market began, Bitcoin fell near the $3,000 range. It repeated the feat in December 2020, nearly three years after it first reached $20K. If history is any indication, this could mean that it may take some time for bitcoin to reach its most recent highs – possibly months or even years.
According to CZ, “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 was $3,000, $6,000.”
bitcoin price action
Bitcoin traded once again at the $20,000 level amid concerns of a major shock in the broader market.
Mark Newton, head of technical strategy at Fundstrat Global Advisors, said: “Bitcoin has made a ‘bottom’, but probably not a ‘bottom’.” The cryptocurrency has been trending in the same direction as stocks for months as growing concerns of an economic collapse have eroded investor interest in the risky asset.
Ian Harnett, co-founder of Absolute Strategy Research, said that past crypto rallies indicate that bitcoin is down about 80% from all-time highs. According to Harnett, such a replay could drag the leading cryptocurrency by about 40% to $13,000 in 2022 – a “key support zone”.