Bitcoin Price Correction: Binance CEO sees no cause for concern

Image for post
Image for post

Yesterday, June 10, it was time again: Bitcoin lost more than 10 percent in just a few hours, while the majority of Altcoins lost even more. Another correction that unsettles investors and questions the future of Bitcoin and Co.

Image for post
Image for post
Bitcoin price history | Image from tradingview.com

It’s difficult to predict how the price of Bitcoin will evolve in the future. Some experts predict that BTC will hit new highs in 2018. Although these predictions could certainly occur, it is obvious that it will take some time.

In this context, Changpeng Zhao, CEO of Binance, took the time to dig up some patterns from the past.

Every year the same pattern

More specifically, Changpeng Zhao confirms that there has been no “flat” Bitcoin price history in recent years. Again, this is only normal as all financial markets are subject to volatility in their own way.

“Many people seem to believe that the BTC price was flat before this year […] For vintage cars it’s the same pattern every year. Only the units on the left are different. “Zhao wrote on Twitter.

The highs and lows are just part of the market and make him attractive partly because of that. So ,according to Zhao, there are certain patterns that repeat year after year. This is especially true when there is a pronounced downward trend.

Image for post
Image for post

Bitcoin is a long term investment

Of course, the past is not a reliable indicator of the future and therefore it does not have to be repeated. The bitcoin price has been struggling for nine years, and things will not change overnight in that regard.

If you still dare to judge the data of the past, then Bitcoin will work well in the long run. Falling courses are nothing new and there are many things that should make us feel positive.

Bitcoin has moved away from the basic idea. A world without banks, where everyone manages his own money, remains an illusion. But as a speculative object, the digital currency is more present than ever before.

If, as has already been announced several times , institutions increasingly start trading in Bitcoin, this could undoubtedly have a lot to do.

Written by

Most writers waste tremendous words to say nothing. I’m not one of them.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store