Recently, there has been a lot of debate on when exactly the bitcoin bottom would be reached. This question has stumped many crypto experts and bitcoin supporters alike. As for what marks a bottom in bitcoin terms, CZ, CEO of Binance, has spoken out.
“Bitcoin is dead” headlines were a good time to buy, according to CZ. Nearly a 70% discount has been achieved on the leading digital asset. According to CZ, this doesn’t matter because of bitcoin’s price history.
For a variety of factors, Bitcoin’s price has recently hovered around the $20k mark. The rise in interest rates by the Federal Reserve, the demise of the defi, and the liquidity issue faced by a number of crypto companies were the primary factors behind the fall in the price of BTC.
When Will Bitcoin’s Price Bottom? – CZ
On the 20th of June, CZ shared his thoughts on the bottom of the bitcoin price in a tweet. When the “Bitcoin is dead” myth became well-known, he claimed that individuals who bought BTC at that time were the best investors.
The CEO of Binance asserted that the price of bitcoin has reached a bottom when no one expects it to climb again. In this case the buyer of the dip is the one who buys BTC.
A twitter explanation from the CEO of Binance. Twitter is the cited source.
However, the CEO of Binance cautioned that his recommendation should not be taken by anyone as financial advice.
When it was trading in the $65,000–$67,000 region, there were a number of allegations made that the price of bitcoin was in the midst of a bubble that was about to collapse. On the other hand, research into the past reveals that the years 2021-22 will mark the fourth time in history that a speculative bubble will occur with regard to bitcoin. 2011 was second, 2013 was third, and 2017 was fourth.
The most recent data from Coinmarketcap indicated that the price of bitcoin is currently $20,755. On the other hand, it managed to break support throughout the course of the weekend, reaching $17,708 in market value on Saturday. A number of well-known cryptocurrency bulls have recently stated that they are continuing to purchase further BTC.
CZ refuses Binance Bought further Bitcoin during the course of the weekend.
Additionally, the CEO of Binance provided clarification on a variety of media allegations that were circulating regarding Binance over the weekend. There were other reports in the media that stated Binance bought additional Bitcoin on Saturday in order to capitalize on the price drop.
According to the reports, there was a transaction involving the transfer of 101.266 BTC from the exchange to a cold wallet. On the other hand, the CEO of Binance has stated that this information is not accurate.
CZ validated the Bitcoin transaction made from the trading platform to an offline wallet. On the other hand, he emphasized that Binance was not responsible for making the purchase. According to him, the fact that the balance in Binance’s Bitcoin cold wallet is growing indicates that an increasing number of users are depositing Bitcoin into Binance.
One of the claims that were published previously in the media asserted that the rising balance in Binance’s Bitcoin cold wallet indicates that the exchange has grown its holdings of Bitcoin. Investors in Bitcoin (BTC) typically increase their holdings when the price falls, thus CZ’s allegations may hold some water.