Changpeng Zhao, CEO of Bainance, believes that in the next few months or years we will see the return of digital currencies and $ 70,000 bitcoins.
In an interview with The Guardian, the CEO of Bainance said that bitcoins are likely to remain below their historic $ 70,000 ceiling for up to two years after the financial markets plummet.
Read more: Bitcoin price forecast from 2022 to 2030
$ 70,000 Bitcoin forecast by Bainance CEO
On Saturday, the price of Bitcoin broke the $ 20,000 mark and reached the $ 17,601 area. The deep collapse of the Bitcoin financial markets brought the cryptocurrency to a historic low in 2017. At that time, the largest cryptocurrency on the market was priced at $ 20,000. Many cryptocurrency market participants believed that bitcoin would never fall into this area. In part, Zhao predicted the future price of the market’s biggest cryptocurrency:
The return of the bitcoin price after its price drop from $ 68,000 to $ 20,000 will take time. This price return is likely to last from a few months to a few years. No one can predict the future.
Bitcoin reached a new price ceiling of $ 19783 in December 2017. After the start of the downtrend in 2018, the price of these cryptocurrencies dropped to $ 3,000. Bitcoin reached its ATH again in December 2020 after three years. Based on this information, it can be assumed that we are still a few years away from seeing the $ 70,000 bitcoin again.
Investigating Bitcoin Price Behavior
Bitcoin continues to be traded in the $ 20,000 area due to the intense fear and anxiety of investors. Mark Newton, chief technical officer at Fundstrat Global Advisors, believes that the current bitcoin price floor is not the lowest range of the downtrend, but that cryptocurrencies will move in a similar direction to US stocks as investors’ interest in high-risk assets decreases.
Ian Harnett, co-founder of Absolute Strategy Research, believes that Bitcoin will continue to experience an 80% price drop after reaching a historic high.
According to Harnett, repeating the previous downward pattern could push the price of bitcoin to $ 13,000. The $ 13,000 area is a very important support area for BTC. According to CoinPaprika, bitcoin is currently trading at $ 20,527.
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Source: u.today