Bitcoin May Not Reclaim ATH For Another Two Years, Binance CEO
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. The digital asset which had touched $69,000 in November last year has been unable to recover to that point and Zhao has explained that such recovery will not be taking place anytime soon.
The exchange founder said that after dropping so much from its all-time high, it would take some time for the market to see such prices again. “I think given this price drop, from the all-time high (ATH) 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.”
However, it is not all grim given that the price today would have been highly welcomed four years ago, the founder said. An example is when bitcoin had reached its peak last cycle, almost touching $20,000. Investors had rejoiced at this price before the market had retraced into a bear market.
“20k we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”
View full text