Binance CEO Says Bitcoin Price Correction in 2018 is Similar to 2014, Occurs Every Year

JP Buntinx | June 10, 2018 | 5:14 pm

Binance CEO Says Bitcoin Price Correction in 2018 is Similar to 2014, Occurs Every Year

JP Buntinx | June 10, 2018 | 5:14 pm

The current cryptocurrency momentum is anything but positive. To novice users, it seems as if this is the beginning of the end and a bubble waiting to burst. Veterans know all too well this is just a blip on the radar. Dips and peaks occur quite regularly in the Bitcoin world, after all.

Don’t Fret Over the Current Bitcoin Price

Hindsight is always 20/20, yet it is quite valuable in the cryptocurrency world. With so many people focused on short-term Bitcoin momentum, they tend to lose track of the bigger picture. There have been numerous peaks and lows for Bitcoin over the years. That situation will not change anytime soon, for rather obvious reasons. Binance CEO Zhao Chengpeng took the time to remind users as to how this volatility isn’t much to be concerned about.

More specifically, ZhengPeng confirms there hasn’t been a “flat” Bitcoin price chart to speak of. Again, this is only normal, as all financial markets are subject to volatility in their own way. Bitcoin is no exception, even though things have remained at a status quo until May of 2011. Ever since, there has been highs and lows virtually every other week, which is part of what makes the market so appealing.

There are specific patterns which occur in the Bitcoin world every year. This is especially true when it comes to extended bearish pressure. The year 2017 wasn’t exactly different in this regard. Even so, it resulted in a new all-time high of nearly $20,000 when everything was said and done. History repeats itself in the Bitcoin world quite regularly, thus a new all-time high may be reached this year as well.

What Comes Next for Bitcoin?

It is difficult to predict what the future holds in terms of Bitcoin. Some experts predict there will be another push to $15,000 prior to the end of 2018. That is certainly a realistic possibility, albeit it is evident the going will be tough for some time to come. Even so, the Bitcoin price has struggled for nine years, and things will not change overnight in this regard.

Judging by the historical evidence, Bitcoin will be just fine in the long run. Bearish momentum is nothing new, and there are plenty of things to be positive about. The introduction of institutional money will undoubtedly shake things up over the years. Additionally, there are scaling solutions on the horizon for Bitcoin. That in itself will also bring some positive changes in the years to come.

For those seeking short-term profits, things are not looking positive. Not entirely troublesome, as Bitcoin has always been a long-term hold. Industry veterans have been involved in the world’s leading cryptocurrency for many years now. A temporary setback is no reason to be spooked in the slightest. Newcomers will learn that lesson one way or another.

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  • Jershie

    Pump and dump at its finest.

  • fujak

    funds are safu

    • Gregory Michelson


  • Jim Kelly

    Things are very different this year compared to any other year. The day of the peak was the day futures trading (shorting) was allowed. It has been all downhill since. Bitcoin will not recover and rallies are met by fierce selling. You can stay in denial and think that it will rally, but the price will continue to erode as holders must sell out to retain their profits.

  • Carlos Salinas

    shitcoin and crapcoins were a ponzi scheme made by fraudulent exchanges pumping price with fake money, this crap will not recover to all time highs never that is for sure

  • Jim Roof

    Way too much negative sentiment for this to be anywhere NEAR a true top. Tops do NOT happen when things are looking bad or when people are worried. They happen when EVERYONE ‘knows’ that it is a sure bet. I have read at least 75% negative comments about Ponzi schemes, tulip bubbles, and the like over the last year.

    Not going to be a top until the same people who have been screaming “SCAM” for the last 2 years have changed their minds and thrown their money into the ring.

    • Jim Kelly

      1 week before the top, everyone was jubilant and confident. Sentiment was nearly 100% bullish. Then the day futures was allowed, bitcoin crashed. Now, only those in denial do not recognize the calamity about to unfold for bitcoin and 2000 other alt coins. Bitcoin will go down as the largest bubble in history, bigger than tulips. Lesson learned for those that bought near the top.

  • Roberto Dusek

    At some point Bitcoin will be outdone by some other Cryptocurrency. In
    2014 there were no competitors today is completely different, we have
    other Blockchain technically superior to bitcoin, it’s all a matter of
    time until some competitor take off and end up occupying the space. Today I would bet on ETH or XRP as strong candidates.

    • David Selovin

      hahah xrp is a centralized shitcoin and eth is a pseudo-decentralized shitcoin on top of which you can make more centralized shitcoins printed out of thin air…people are delusional, btc was, is and will probably remain the only true decentralized blockchain

      • Lucky Singh

        So true. People don’t understand that grandfather can’t be repacked by son or grand sons, no matter how smart they are amongst their league

    • wiks

      XRP to replace BTC?
      you’re an idiot

  • Lucky Singh

    Emotions are running high. People who are in crypto for money will suffer, people who are in crypto for long term gains, will never go wrong and reap the rewards!

    • Justin Jackson

      I’m confused. Do you not make money from long term gains? I’m assuming you meant people who are in crypto for short term gains….

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