Wednesday, July 24, 2024

When does Binance CEO “CZ” believe Bitcoin will bottom out?

The latest price volatility could baffle crypto investors as the market is down about 2/3rd within the last six months. The most-traded digital currency asset, bitcoin dropped 20 percent over the last week. The recent sorry state has led to many crypto analysts predicting a bottom. Meanwhile, “CZ”, the Chief Executive Officer of Binance, has a view of the coin’s bottom. The CEO believes that the value of BTC dips whenever there are headlines claiming “bitcoin is dead”.

Thus, historically, any person who purchased BTC if there were such sentiments enjoyed the maximum profits, according to CZ. Its price has corrected about 70 percent after the currency’s all-time high value in November 2021. Recently, after Fed declared a hike in the interest rate, the liquidity crisis, and the collapse of DeFi have led to the price of the coin dip below the 20,000 USD mark.

Binance CEO explains the bottom trend of Bitcoin

On June 20, the CEO of Binance took to Twitter. He mentioned any person who purchased BTC when some analysts declared the currency as dead enjoyed better ROI. He feels every time people give up on BTC rebounding; it is the bottom. At this level, BTC is the perfect opportunity to buy the dip.

However, CZ warned he was not advising investors to adopt this tactic. CZ also said he is not recommending such a strategy for the future. Currently, the coin’s price is trading at nearly 15 percent at $19,986 after it dipped to $17,708 on June 18.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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