Bitcoin recovered above $20,000 but since then, there hasn’t been any major upward movement. This has led to speculation as to whether the digital asset will be able to recover its all-time high in the near future. Binance CEO Changpeng Zhao shared his thoughts on this discussion, and according to the CEO, such a recovery should not be expected any time soon.
The last two years of ATH
at recent days ReportThe CEO of the world’s largest cryptocurrency exchange Binance shared some short-term bearish sentiments for bitcoin. A digital asset that touched $69,000 in November last year has not been able to recover to that point and Zhao explained that such a recovery won’t happen anytime soon.
Related reading | Bitcoin miner liquidations threaten Bitcoin’s recovery
The founder of the exchange said that after dropping so much from its all-time high, it will take some time for the market to see such prices again. “I think given that price drop, from an all-time high of 68K to 20K now, it will probably take some time to come back,” the CEO said. “It will probably take a few months or two years.”
However, it’s not bleak considering the price today would have been very welcome four years ago, the founder said. An example is when Bitcoin reached its peak in its last cycle, reaching nearly $20,000. Investors cheered at this price before the market fell back into a bear market.
“20k we think is pretty low today. But you know, in 2018 and 2019, if you tell people that bitcoin will be 20k in 2022, they will be very happy. In 2018/19, bitcoin was $3000, $6000.”
BTC starts another recovery trend | Source: BTCUSD on TradingView.com
Bitcoin on the charts
The cryptocurrency Bitcoin has been on the rise lately. After touching as low as $17,600, the current price point provided a much-needed respite for investors. However, with the market equilibrium, more bearish indicators are starting to appear.
Related reading | Bitcoin price drop leads to inflows, but investor sentiment remains weak
Confidence in Bitcoin has plummeted over the past two weeks as investor sentiment took a hit. In addition, Bitcoin continued to close another week in the red, indicating more red closes so far this year than the green ones. As such, it has given the bears a stronger grip on the market, especially in the short term.
The sell-off that continues to rock the market is still threatening its position above $20,000. As such, it failed to attempt to break the $21,2176 resistance point. However, there is support brewing at the $20,090 level, which indicates that the bulls are not planning to drop without a fight.
Featured image from CNBC, chart from TradingView.com
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