Veteran Bitcoin analyst Ki Young Ju recalled what Binance CEO CZ said when the Bitcoin price dropped to $3,000 in 2019. During the transition month periods when the market and investors bled, CZ always knew it would improve…
Has Bitcoin bottomed out?
As quoted by Kriptokoin.com, the last months have been a difficult period for the entire market, including Bitcoin. Meanwhile, the leading cryptocurrency has lost most of its value compared to where it was in late 2021. Many analysts and traders think that the market has entered a period of “crypto winter” with extreme bearish sentiments. Meanwhile, the biggest drop occurred about a week ago. However, Bitcoin even fell below the $20,000 support over the weekend.
Now, although veterans like the Binance CEO spoke about it three years ago and repeated the same words, some new investors are reeling, worried that their investments will be for nothing.
Back in 2019, during the previous crypto winter, CZ shared a tweet to this end. Some, like Ki Young Ju, analyst and CEO of leading analytics firm Crypto Quant, take this seriously…
According to CZ, the Bitcoin market and Blockchain industry are still in their early stages
CZ had said this earlier in the 2019 crypto winter when BTC dropped to $3,000. Ki Young Ju refers to this thesis again when Bitcoin was around $20,000. Also, in 2019, the market was in the red just like today. Veteran Bitcoin analyst Ki Young Ju highlighted Binance CZ’s statement when BTC was around $3,000 in 2019. In 2019, CZ told the community that BTC had bottomed and we were still too early. In a recent tweet, CZ described his experience:
That’s exactly how I thought in 2013, “damn, I’m too late. I wish I had started early like other investors. And I will say the same thing that I heard then. We are still early, the beginning of the beginning.
Now Crypto Quant analyst and CEO Ki Young Ju stresses that with Bitcoin hovering around $20,000, he heard the same advice from Binance CZ, but that newbies don’t understand not acting on time.
Is history repeating itself?
Apparently, history has a way of repeating itself, and novices have been the most unlucky victims. But they are not victims for any reason other than fear. This is evident from the current fear that spreads among startups and discourages them from investing. He has always lost “weak hands” during falls.
With the brutal declines coming with heavy FUD, and some new investors who do not fully understand the market dynamics, they are entering panic mode, thinking that the crypto market has gone up in flames and is ending forever. They are selling in a panic and therefore making a loss. When the bull run finally starts again, only those who manage to hold on can profit. This is what CZ, one of the early investors to date, has been emphasizing lately. Ki Young Ju also says she witnessed the carpet come out in CZ’s predictions.
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