Bitcoin may take two years to return to highs

Binance CEO warns: Bitcoin may take two years to return to highs

Changpeng Zhao, CEO of Binance, has wanted to remove iron from the fall of Bitcoin. In his opinion, people would have been “very happy” four years ago if they had been told that the largest cryptocurrency would trade at $20,000 in 2022. The asset fell below that level over the weekend, in a symbolic move that represented a a clean slate for many long-term bitcoin holders.

On Thursday, bitcoin was trading at $20,600, up 2% in the last 24 hours but down 4.86% in the last week, according to CoinMarketCap.com.

“I think given this price drop, from the all-time high above $68,000 to $20,000 now, it’s probably going to take a while to come back. It will probably take a few months or a couple of years”, Zhao told the English newspaper The Guardian.

However, “nobody can predict the future,” says the executive, who adds that “20,000 dollars seems to us a very low price today. But you know, in 2018, 2019, if you told people that bitcoin will be at 20,000 in 2022, they would be very happy. Between 2018 and 2019, bitcoin was between $3,000 and $6,000, he recalls.

Asked if the current fluctuations in the prices of bitcoin and cryptocurrencies were “normal”, Zhao reflects that “if you look at the bottom [del bitcoin], right now it’s higher than the last peak. So whether it’s normal or not, I think with the industry still growing, fluctuations in price are normal.”

Bitcoin may fall to $13,000

From the point of view of technical analysis, Roberto Moro, an independent analyst, warns that the current fall can take the cryptocurrency to $13,000. “If we extend the horizon of the chart to 2020, the key to the price is to see if it holds the support it has around $28,000. Once lost, it seemed logical for Bitcoin to start down the path it is on. On the Bitcoin chart since 2020, no significant support is observed, so it can perfectly go looking for the $13,000 area.”

“It has a small support in the area of ​​20,000 dollars, which is where it is transiting, but if it technically loses it, it has all the appearance of continuing to fall and looking for significantly incredible levels,” Moro warns.

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