The Bitcoin and altcoin space is not having a very pleasant time. At a time when crypto analysts and Bitcoin missionaries were trying to predict a bottom, Binance CEO “CZ” came up with his idea of Bitcoin bottom. Here are the details…
Changpeng Zhao comments on the bottom of Bitcoin (BTC)
According to Changpeng Zhao, when “Bitcoin is dead” headlines, everyone believes that Bitcoin (BTC) has bottomed out. “Therefore, historically, anyone who bought BTC while there was such a feeling made the most profits,” he said. BTC price has corrected about 70 percent since its all-time high in November. Recently, the Fed’s rate hike, DeFi collapse, and liquidity crisis caused the BTC price to drop below the $20,000 level.
Binance CEO “CZ” said in a tweet on June 20 that anyone who bought Bitcoin during the general “Bitcoin is dead” feeling had a better return on investment. Moreover, he pointed out that the real bottom occurs when people lose hope of Bitcoin (BTC) rebound. At these levels, Bitcoin is an excellent bottom buying opportunity, according to CZ. The CEO used the following statements:
Historically speaking, you would do well if you bought BTC every time “Bitcoin is dead” headlines. Logic: When they lose hope, they sink to the bottom.
Developments continue to happen at Binance
However, the Binance CEO also warned that he does not recommend this or any strategy for the future. In fact, when the price of Bitcoin traded above the $65,000 level, many thought the Bitcoin bubble would burst. Historically, speculative bubbles have occurred in 2011, 2013, 2017, and 2021-22. With a market cap of $392 billion, BTC is currently trading at $20,562, up 4.4 percent.
As Cryptokoin.com reported, it dropped to $18,000 over the weekend, frightening many investors. On the other hand, the coin seems to have lost 23.2 percent in the last 7 days. Meanwhile, the total value of the cryptocurrency market has risen 7 percent in the last 24 hours to $943 billion.
Several crypto investors and companies, including the Digital Currency Group, have confirmed that they are buying Bitcoin on the decline. As the crypto market continues to be on FUD, Binance has announced support for BNB Smart Chain (BEP20) Euler network upgrade and hard fork. The upgrade begins at 11 a.m. on June 22; It is planned to bring features and bug fixes. Binance has announced that deposits and withdrawals on the BNB Smart Chain (BEP20) network will be suspended. However, trading of tokens on the BNB Smart Chain (BEP20) network will not be affected.
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