Bitcoin joined the majority of digital assets to lose over 70% of its value since the start of 2022 as the crypto market experienced massive bearish pressures. The top-class digital asset, BTC, lost over 55% of its value since January 2022, and it is currently valued at $20,500, a vital fall from $69,000.
While speaking with The Guardian, Binance CEO Changpeng CZ Zhao stated that the market crash will not end soon. He also could not predict what to expect in the future with actual figures. However, he pointed out that BTC’s price will remain below $69,000 for some time which could take a few months or even two years.
“I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back. It probably will take a few months or a couple of years. However, no one can predict the future”.
Binance Boss Thinks the Crypto Market is Growing Following the Crash of Bitcoin
CZ said that the current market value for Bitcoin is low, although not an entirely poor price. He proved this point by arguing that people would celebrate back in 2018 or 2019 if someone told them that Bitcoin would be worth $20k in 2022.
He made this analysis because the market went through a harsh winter in 2018 and 2019 that crashed BTC prices from $20,000 to $3,000, a worse decline than the current decrease from $69,000 to $20,000.
“In 2017, we thought 20K was crazy high. Today, we think 20K is painfully low. The industry is growing,”
CZ believes that fluctuations in the crypto market are a regular thing. Prices go up during a bull run, and they go down during a bear market. The industry has established the two market cycles, with the halving period marking the centre.
“Historically, we see 4-year cycles, roughly 2yr bear, 2yr bull. But history may not predict the future. And I can’t predict the future.”