Changpeng Zhao, the founder, and CEO of the top cryptocurrency exchange platform Binance finds Bitcoin could stay below its all-time high of $69,000 for the next two years after the recent crypto market crash.
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In an interview with the Guardian, CZ noted 4 years ago people would have been very happy to know that in 2022 Bitcoin would trade at $20,000.
Although at the weekend, the BTC price fell below $20,000, it soon bounced back. At the moment, BTC trades at around $20,600. Its 70% down from its ATH of $68,789 achieved on November 10, 2021.
CZ said given the significant price drop, he thinks it would take Bitcoin a while to go back. He predicted that could be a few months or a couple of years. He added however that nobody can predict the future.
The Binance CEO said we think $20,000 seems low now, but in 2018, 2019 the coin was traded at $3000, $6,000. If people learned then that the coin would trade at $20,000 in 2022, they would be happy. According to CZ, as the sector keeps growing, price volatilities are normal.