BINANCE CHAYPTOVOLUME EXCHANGE BINANCE CHANPEN ZHAO was disappointed in the current bull cycle of Bitcoin. According to him, Bullran - that is, the cryptocurrency market growth stage will continue until 2024, which means investors still full time to accumulate fairly cryptocurrencies to obtain potential profits. About their forecasts and hopes regarding BTC growth, Zhao shared in an interview with Noynera, the co-founder of the ON-Chain Capital Foundation.
To begin with, we recall that the cryptocurrency market really moved into the growth stage. This was above all hinted by the famous flight of the decentralized finance industry in the summer of 2020, when new projects brought investors hundreds of percentage of profits in just a few days. Especially users remembered the project of the Year Finance YFI, which rose from the pair of dozens of dollars to 43 thousand - and this happened in two months.
Finally, at the end of 2020, investors' attention is attracted Bitcoin. As a result, it was not only able to beat his own rate of 20 thousand dollars, which was installed in December 2017, but also more than double it. The current maximum value of the first cryptocurrency is 41,940 dollars - its BTC has established the eighth of January 2021.
For clarity, we give a graph of the Bitcoin course for the year.
Bitcoin course schedule for the yearSince now someone is unlikely to be in relation to the beginning of a new cryptocurrency growth cycle, it is necessary to figure out how long it can last. Opinion on this score shared Chanpen Zhao.
What will happen to Bitcoin in the coming year?
Here is one of the quotes Zhao, in which he talks about the current situation. A replica brings Cryptoslate.
That is, according to Chanpen, the current movements of cryptocurrency were essentially just heated before serious results. Note that it can really be so, especially if you analyze the previous stages of growth. For example, in January 2015, Bitcoin was estimated at $ 205, and a year later, it was given $ 456 for it. So here the course also doubled - which has already happened to BTC in relation to its maximum on the eve.
In addition, many analysts believe that this year we will still wait for the race of altcoins, which regularly begins with the relative stabilization of Bitcoin. So, in general, the closest future for the industry does seem positive.
It is important to note that no one can accurately predict the future. Zhao himself stressed that he may well be mistaken with terms. However, as Nuner pointed out, Binance occupies a unique position, since the company has access to statistics to simulate such forecasts. This includes data on the number of registrations of new cryptotride accounts for a certain period, which means the analytics of the Exchange can really see the situation with the activity of users and compare it with the growth rate of the indicator in the past.
The head of the Binance also builds its forecast on the basis of the history of previous bull cycles. Zhao approximately calculated the duration of the BTC growth phases in 2017 and 2013. He also added that each subsequent bullish cycle increases in length, which in his opinion is a characteristic of increasing market capitalization over time.
Bitcoin took three years, from the peak of 2017 to achieve 20 thousand dollars again at the end of last year. So if the story will repeat, cryptoinvestors can be three or four years ahead before reaching the next peak of the current cycle - the entrepreneur adheres to at least a point of view.
Do not forget that Bitcoin was below his previous record for three years - and this is a serious time interval. And against the background of this benchmark, Chanpen does not seem something supernatural.
We believe that it is not worth using the words of Chanpen as an unambiguous reference point, because on the open market - which is a niche cryptocurrency - anything can happen. However, an important output from here can still be done. The coin market really moved to the growth stage and is at its initial stage. So the current period is the best in order to start wondering blockchain asset a little more. This is especially true for beginners who are still unfamiliar with the basics of work cryptocurrency and are not aware of their potential.
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