Bitcoin recovered more than $20,000, but there has been no significant uptrend. There have been speculations about whether Bitcoin could regain its high in the future. Changpeng Zhao from Binance has shared his opinions on the topic. He said that such recovery shouldn’t be anticipated anytime soon.
A couple more years for ATH
In a recent report, the CEO of the world’s largest crypto exchange Binance has shared some rather bearish sentiments for the short-term for bitcoin. Zhao explained that the digital asset that had reached $69,000 last November has not been able to recover and that such recovery is unlikely to occur anytime soon.
Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery| Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery
According to the exchange founder, after the price drop of so much from its high point, it will take time before prices return to normal. “I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back,” the CEO said. “It probably will take a few months or a couple of years.”
It isn’t all downhill though, because the bitcoin price of today wouldn’t have been as popular four years ago. One example of this is the time bitcoin reached its highest point last cycle when it nearly touched $20,000. This price was a moment of joy for investors before it plunged back into a bearish market.
“20k we think is very low today. However, you should know that in 2019, bitcoin would have been 20k by 2022. In 2018/19, bitcoin was $3,000, $6,000.”
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
Bitcoin Charts
Bitcoin, a cryptocurrency, has seen a rise in recent years. The current price point, which has risen to as high as $17.600, is a relief for investors. As the market balances out, bearish indicators start to appear.
Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak| Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak
As investor sentiment has taken a major hit, confidence in bitcoin fell over the last few weeks. In addition, bitcoin closed another week in red. This marks more closes this year that have been made in red than green. It has also given bears an advantage in short-term trading.
Its position over $20,000. is still at risk from the sell-offs that continue to rock it. It has failed to breach the $21,2176 resistance level. There is however support at the $20,000.90 level. This shows that bulls are not going down easily.
CNBC, featured image and chart by TradingView.com
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