Monday, December 11, 2023

Here’s When Binance CEO “CZ” Thinks Bitcoin Could Bottom Out

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At a time when crypto analysts and Bitcoin evangelists are trying to predict a bottom, Binance CEO “CZ” has come up with his opinion on Bitcoin’s bottom. He believes Bitcoin (BTC) bottoms out when there are “bitcoin is dead” headlines. So, historically anyone who bought Bitcoin when there was such a sentiment made the most profits, he said.

Bitcoin price has corrected nearly 70% since its all time high in November. In recent times, Fed’s interest rate hike, the DeFi collapse, and the liquidity crisis have caused the BTC price to plummet below the $20,000 level.

Binance CEO “CZ” Explains Bitcoin Bottom Trend

Binance CEO “CZ” in a tweet on June 20 said anyone who bought Bitcoin during the general sentiment of “bitcoin is dead” made better returns on investment. Moreover, when people lose hope of a Bitcoin (BTC) rebound is the actual bottom. Bitcoin at these levels is the perfect buy-the-dip opportunity.

Bitcoin Bottom Sentiment

“Historically speaking, if you bought Bitcoin every time there is a “bitcoin is dead” headlines, you would have done well. Logic: when they lose hope, that’s when the bottom is in.”

However, the Binance CEO also warned that he was not recommending this or any strategy for the future. In fact, when the Bitcoin price was trading above the $65,000 level, many thought the Bitcoin bubble would burst. Historically, there have been speculative bubbles in 2011, 2013, 2017, and 2021-22.

Currently, Bitcoin price is trading up nearly 15% at $19,986, since a fall to $17,708 on June 18.

In fact, several crypto investors and companies including Digital Currency Group had confirmed that they are buying Bitcoin at the dip.

Binance Announces the BNB Smart Chain Network Upgrade

As the crypto market continues to be in FUD, Binance has announced support for the BNB Smart Chain (BEP20) Euler network upgrade and hard fork. The upgrade is scheduled for June 22 at 08:00 UTC to keep making blocks, and introduce features and bug fixes.

Deposits and withdrawals will be suspended on the BNB Smart Chain (BEP20) network, Binance informed. However, the trading of tokens on the BNB Smart Chain (BEP20) network will not be affected.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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