Binance CEO “CZ” has given his opinion on Bitcoin’s bottom at a time when crypto analysts and Bitcoin advocates are trying to anticipate a bottom. When “bitcoin is dead” stories appear, he believes the king crypto will bottom out. As a result, he argued, everyone who bought Bitcoin when such a sentiment existed in the past gained the most money.
CZ Notes BTC Could Bottom When Negative Sentiment Surge
In a tweet on June 20, Binance CEO “CZ” remarked that anyone who bought the pioneer crypto when the public consensus was that “bitcoin is dead” got a greater return on investment. Furthermore, the bottom is reached when people lose hope of a BTC recovery. Bitcoin is a great buy-the-dip opportunity at these prices.
“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.”
"Bitcoin Is Dead" headlines indicates Bitcoin bottom
The Binance CEO, however, cautioned that he was not endorsing this or any other technique in the future. Many people believed the Bitcoin bubble will collapse when the price of the cryptocurrency rose above $65,000. Speculative bubbles have already occurred in 2011, 2013, 2017, and 2021-22.
BTC/USD trades at $20k. Source: TradingView
The benchmark coin is currently trading at $20,440 up roughly 15% from its low of $17,708 on June 18.
Several crypto investors and firms, like Digital Currency Group, have acknowledged that they are buying BTC now while it is still cheap.
“$20K Is The New $30K” For Bitcoin
On the other hand, Peter Schiff has urged Bitcoin investors not to get too happy if the price of the cryptocurrency rises above $20,000 again. He feels that $20,000 is the “the new $30,000” and that tiny increases are to be expected before a huge drop. He went on to say that big dips don’t happen in a straight line, and the slow descent is “extremely orderly.”
Schiff also noted that he has yet to see any evidence of capitulation, which would indicate a bottom in the current crypto bear market.
Don't get excited about #Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.
— Peter Schiff (@PeterSchiff) June 19, 2022
Schiff predicted that the king crypto will go as low as $6,000 on many occasions earlier this year. He tweeted over the weekend that his prior prognosis of the cryptocurrency market falling below $800 billion has been confirmed, but it took a few more days, and altcoins fared better than he predicted.
Related reading | Why Bitcoin Could Take Another Bite At $17K
Featured image from Pixabay, chart from TradingView.com