Bitcoin will take years to come back to $ 60,000, says Binance’s founder

Crypto-entrepreneurs, whether it is Changpeng Zhao, the creator of Binance or others, regularly make headlines with their predictions about the future of cryptocurrencies. Most often, they turn out to be far from reality because they are very insecure.

I think given the price drop, it will take time to get back on level [des 69 000 dollars] “Changpeng Zhao, the famous founder of the crypto exchange Binance, is not very optimistic about the immediate future of bitcoin prices. In an interview with the English newspaper The Guardian, the entrepreneur explained that he thought it would take the least.” a few months or even a few years before bitcoin found itself back over $ 60,000.

Will bitcoin remain around $ 20,000 for 2 years? // Source: Canva

A bitcoin around $ 20,000 for 2 years?

The entire cryptocurrency market is currently going through a very difficult time. The collapse of the Terra / UST ecosystem, which resulted in the destruction of billions of dollars, dampened investor confidence, as did the difficulties faced by the Celsius platform and the investment fund 3 Arrows Capital. As for bitcoin, it is at a historically low level, not seen since 2020, and may continue to decline.

Despite his somewhat pessimistic prediction about the future of bitcoin, CZ still wanted to reassure. ” It is now believed that $ 20,000 is very low. But in 2018 and 2019, if you had told people that bitcoin would be at this level, they would have been very happy! Bitcoin was between $ 3,000 and $ 6,000 at the time “, he remembers.” If you look at the bitcoin price, we are now higher than the last peak. Whether it is normal or not, I think the industry is still growing and the price fluctuation is normal “.

This is not the first time that the price of bitcoin has fallen sharply after breaking records: the cryptocurrency had this behavior until 2017, when it crossed the $ 19,000 mark for the first time. After a period of increase, it had quickly lost value before stabilizing.

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Bitcoin was worth $ 19,000 in 2017 before falling // Source: Numerama screenshot

Predictions are very often random

However, CZ admitted that ” no one could predict the future », And that his estimates may not be correct. Predictions about the development of cryptocurrencies are common, however. Influencers, specialists, analysts and entrepreneurs never hesitate to express their opinions, which regularly make headlines (as incidentally in the article in front of you). Although the current market is volatile, news like this is reassuring or otherwise worrying – but it can have a significant impact on sales and purchases. But most of the time, they make mistakes.

In 2021, billionaire Tim Draper predicted that bitcoin would reach $ 250,000 by 2022. At the beginning of the year, many investors or entrepreneurs said that bitcoin would reach $ 100,000 in the following months. . Some organizations even predict a bitcoin of 1 million euros in 2030 or 2050.

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Better not rely on predictions from entrepreneurs about the price of crypto // Source: Canva

However, these predictions must be taken with a pinch of salt. When they were made, bitcoin was still in the middle of a “bull run”, that is, in a period of growth. Since then, the return of inflation, the rise in the European Central Bank’s key interest rates and the various bankruptcies of cryptocurrencies have put a chill in the market and hinted at a more turbulent future. New predictions – like CZ’s – repeat this.

The year 2022 is not over yet – and a setback of $ 100,000, or even $ 250,000, cannot be ruled out, although given the current economic situation it is unlikely. Nevertheless, the changes in tone in the predictions of specialists and entrepreneurs show that they are not always reliable – and that it is better not to base investments on them.

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