Binance CEO Changpeng “CZ” Zhao is optimistic about the latest events in the market despite the massive price drop.
Binance CZ remains positive about Bitcoin despite crypto market collapse
CZ stated in a tweet today that the crypto market is growing despite the recent market crash. He also had positive comments about Bitcoin’s price. Binance CEO said that in 2017, when Bitcoin soared as high as $20,000, many believed the price was “crazy high.”
Interestingly, CZ says that in the days when the Bitcoin price was trading at the ATH level of 2017, something different from the BTC price was “painfully low”:
We thought $20,000 was insanely high in 2017. Today, we think $20 is painfully low. The industry is growing.
Bitcoin’s 2017 rally and CZ’s experiences
It is remarkable that Bitcoin has come a long way since 2017. The world’s largest cryptocurrency has gained over 200% since it reached $20,000 towards the end of 2017. The tremendous growth of Bitcoin has drawn many investors into the crypto market. This has taken cryptocurrencies to new heights.
In November 2021, Bitcoin made an ATH of $69,000 while everyone expected it to hit $100,000. Now it is falling from day to day.
Bitcoin crashes amid negative developments
Contrary to bullish expectations, Bitcoin has been badly hit by recent market events. As widely reported, events such as the Russian invasion of Ukraine, the collapse of the Terra ecosystem, increased inflation, and the Celsius Network incident all contributed to the bearish trend of the crypto market.
While many individual investors are reacting emotionally to Bitcoin’s collapse, major investors believe that people’s $20,000 response to BTC prices indicates that the nascent industry is growing.
Mike McGlone and Peter Brandt
Bitcoin analyst Mike McGlone has pulled the bottom for BTC from $20,000 to $5,000. On the other hand, senior crypto analyst Peter Brandt also says that Bitcoin could find new buyers at $20,000.
Bitcoin whales will be advice at these levels
TradingView data showed that Bitcoin dropped to $20,220 overnight on Bitstamp. The situation was complicated by growing concerns about mutual fund Three Arrows Capital and others. Because they are looking for a rescue package so as not to be advised by the rumors.
Meanwhile, after analyzing the “worst-case scenario,” Venturefounder began to believe more in $14,000. “Worst case scenario, $20,000 BTC is the new $30,000,” he said in one of the tweets on the subject. In a second tweet, he concluded:
However, I keep my lowest BTC downside target at $14,000. Even if it goes down, I don’t think it will stay lower for a meaningful time. I buy it when it drops. But for $14,000 I will sell everything I own and put it in BTC.
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