Bitcoin Could Stay Below $69,000 Peak for the Next Two Years: Binance Boss
The world's largest crypto exchange Binance boss Changpeng Zhao has predicted that bitcoin will stay below the $69,000 peak for the next two years. He made this prediction in response to a tweet from a Twitter user, CryptoNewsChina.
Bitcoin (BTC) could stay below its record peak for the next two years, according to the head of major crypto exchange Binance.
Binance CEO Changpeng Zhao said in an interview with Bloomberg that he believes
Bitcoin price will only reach $69,000 by 2020. Zhao explained that he based his prediction on the fact that major cryptocurrencies like Ethereum and Bitcoin Cash are currently in a bear market, and BTC will likely follow suit. He also noted that no one knows when this cycle will end and how long it will take.
Zhao added that while he doest has an exact time frame for when Bitcoin will hit
$69,000, he expects it to happen sooner than people think.
Mr. Zhao said traders were likely to be switching between different cryptocurrencies and exchanging them for legal tender rather than using it for payments because it was difficult to use for day-to-day transactions.
Speaking on Bloomberg Crypto Thursday, Binance CEO Changpeng Zhao said that he was “not so sure” that Bitcoin would recover from a plunge of over $10,000 this week.
Although the cryptocurrency has since recovered slightly, Zhao said that he still expects to see Bitcoin stay below $69,000 for the next two years.
“I think it's likely that we'll see Bitcoin in the low to mid-thirties for at least two years. That's my guess,” he said
Zhao also noted that he does not believe in a bull market but rather sees the current bear market as a correction after a huge surge in prices last year.
He added that he isn’t concerned about price predictions because “the market will decide where it wants to go with no help from anybody else.”
“I think it will take another two years for the crypto space to fully recover and make a new high again,” Zhao said.
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Closing thoughts:
If bitcoin is not going to break out of these levels within three months or so, then I think it can stay at this level for another two years at least. Since then, bitcoin has not broken out to the upside as it had done in the past. Even if BTC does take off again, this is more likely to just break back down through a new support level than to break through the old one and continue on an upwards trajectory.
