At a time when crypto analysts and Bitcoin evangelists are trying to predict a bottom, Binance CEO “CZ” has come up with his opinion on Bitcoin’s bottom. He believes Bitcoin (BTC) bottoms out when there are “bitcoin is dead” headlines. So, historically anyone who bought Bitcoin when there was such a sentiment made the most profits, he said.
Bitcoin price has corrected nearly 70% since its all time high in November. In recent times, Fed’s interest rate hike, the DeFi collapse, and the liquidity crisis have caused the BTC price to plummet below the $20,000 level.
Binance CEO “CZ” Explains Bitcoin Bottom Trend
Binance CEO “CZ” in a tweet on June 20 said anyone who bought Bitcoin during the general sentiment of “bitcoin is dead” made better returns on investment. Moreover, when people lose hope of a Bitcoin (BTC) rebound is the actual bottom. Bitcoin at these levels is the perfect buy-the-dip opportunity.
“Historically speaking, if you bought Bitcoin every time there is a “bitcoin is dead” headlines, you would have done well. Logic: when they lose hope, that’s when the bottom is in.”
However, the Binance CEO also warned that he was not recommending this or any strategy for the future. In fact, when the Bitcoin price was trading above the $65,000 level, many thought the Bitcoin bubble would burst. Historically, there have been speculative bubbles in 2011, 2013, 2017, and 2021-22.
Currently, Bitcoin price is trading up nearly 15% at $19,986, since a fall to $17,708 on June 18.
In fact, several crypto investors and companies including Digital Currency Group had confirmed that they are buying Bitcoin at the dip.
Binance Announces the BNB Smart Chain Network Upgrade
As the crypto market continues to be in FUD, Binance has announced support for the BNB Smart Chain (BEP20) Euler network upgrade and hard fork. The upgrade is scheduled for June 22 at 08:00 UTC to keep making blocks, and introduce features and bug fixes.
Deposits and withdrawals will be suspended on the BNB Smart Chain (BEP20) network, Binance informed. However, the trading of tokens on the BNB Smart Chain (BEP20) network will not be affected.