Binance CEO “CZ” has given his opinion on the bottom of bitcoin at a time when crypto analysts and bitcoin advocates are trying to anticipate the bottom. When the “Bitcoin is dead” stories appear, he believes the king crypto will be out from the bottom. As a result, he argued, everyone who bought bitcoin made the most money in the existence of such sentiment in the past.
CZ Note BTC Could Come Down As Negative Sentiment Increases
one in Tweet On June 20, Binance CEO “CZ” commented that whoever bought the leading crypto when the public was in agreement that “Bitcoin is dead” got a higher return on investment. Also, the bottom is reached when people lose hope of BTC recovering. At these prices bitcoin is a great buying opportunity.
“Historically, If You Bought Bitcoin” Every time someone hits the headlines “Bitcoin is dead”, you must have done well. Logic: When they lose hope, that’s when it’s down.”
"Bitcoin Is Dead" headlines indicates Bitcoin bottom
However, the Binance CEO cautioned that he would not support this or any other technology in the future. Many believed that the bitcoin bubble would collapse when the price of the cryptocurrency rose above $65,000. The speculative bubbles have already occurred in 2011, 2013, 2017 and 2021-22.
BTC/USD trades at $20k. Source: TradingView
The benchmark coin is currently trading at $20,440, which is up about 15% from its June 18 low of $17,708.
Many crypto investors and firms such as Digital Currency Group have acknowledged that they are buying BTC while it is still cheap.
Related Reading | Bitcoin Derivatives Exchange Reserves Soar as BTC Continues to Fall
“$20K is the New $30K” for Bitcoin
Peter Schiff, on the other hand, has urged bitcoin investors not to be too overjoyed if the price of the cryptocurrency rises above $20,000 again. He believes $20,000 is the “new $30,000” and that a small increase should be expected before a major drop. He went on to say that large falls do not occur in a straight line, and that slow descents are “extremely systematic”.
Schiff also pointed out that he has yet to see any evidence of capitulation, which would signal a bottom in the current crypto bear market.
don’t get excited #bitcoin Going back above $20K. 20 is the new 30. This is just another bull trap. Nothing falls in a straight line. Actually, this slow motion crash has been extremely systematic. There is no sign of any capitulation yet which generally forms a bear market bottom.
— Peter Schiff (@PeterSchiff) June 19, 2022
Schiff predicted that King Crypto would drop to as low as $6,000 on several occasions earlier this year. He tweeted over the weekend that his earlier prediction that the crypto market would drop below $800 billion has been confirmed, but it took a few more days, with the altcoin performing better than he predicted.
Related Reading | Why Could Bitcoin Take Another Bite at $17K?
Featured image from Pixabay, chart from TradingView.com