Bitcoin has recovered above $20,000 but since then, there has not been any significant upward movement. This has led to speculations on whether the digital asset would be able to reclaim its all-time high in the near future. Binance CEO, Changpeng Zhao, has weighed in and shared his thoughts on this debate, and according to the CEO, such recovery should not be expected anytime soon.

Another Couple Of Years For ATH

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.

Related Reading | Bitcoin Miner Liquidations Threaten Bitcoin’s Recovery

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 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.”

Bitcoin price chart from TradingView.com

BTC starts another recovery trend | Source: BTCUSD on TradingView.com

Bitcoin On The Charts

The cryptocurrency Bitcoin has been on the rise lately. After touching as low as $17,600, the current price point has provided a much-needed reprieve for investors. However, as the market is balancing out, more bearish indicators are beginning to emerge.

Related Reading | Low Bitcoin Prices Trigger Inflows, But Investor Sentiment Remains Weak

Confidence in bitcoin has dropped over the last couple of weeks as investor sentiment had taken a massive blow. Additionally, bitcoin had gone on to close another week in the red, marking more red closes so far for the year than green closes. As such, it has given bears a stronger hold over the market, especially in the short term.

The sell-offs which continue to rock the market still threaten its position above $20,000. As such, it has been unsuccessful when trying to break the $21,2176 resistance point. However, there is support brewing at the $20,090 level, showing that bulls do not plan to go down without a fight.

Featured image from CNBC, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…



Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *