By Shelly Melancon (Switzerland)
Lately, there has been lots of discussions regarding when exactly there is a bitcoin bottom. Many crypto analysts and bitcoin advocates have struggled to give a clear cut answer to this question. However, Binance CEO, CZ, has shared what constitutes a bitcoin bottom in her opinion.
CZ said BTC holders who bought when the “bitcoin is dead ” headlines ran are the ones in profits. The price of the leading digital asset is nearly 70% off its peak price. CZ added that this fact doesn’t matter based on the price chart history of bitcoin.
Recently, BTC’s price has been trading around the $20k range for different reasons. The rate increase by the fed, the defi collapse and the liquidity crisis facing various crypto firms were the major contributors to these decline in BTC price.
CZ Shares His Views Regarding a Bitcoin Bottom
CZ explained his understanding of a bitcoin bottom via a tweet on june 20. According to him, the best BTC investors were those who purchased it when “bitcoin is dead” narrative was famous.
The Binance CEO claimed that a BTC bottom is when no one thinks bitcoin price would rise again. Hence, anyone who buys BTC during that is the one buying the dip.
Also read:Binance CEO tweet explanation. Source: twitter.
But the Binance CEO warned that no one should take his suggestion as financial advice.
There were various claims that a bitcoin bubble was about to burst when it traded around the $65K range. However, history shows that 2021-22 is the fourth time a bitcoin speculative bubble has ever happened. The previous times were 2011, 2013 and 2017.
The latest Coinmarketcap data showed that BTC price is $20,755. However, it broke support over the weekend, trading at $17,708 on saturday. Some popular crypto bulls have claimed that they are still buying more BTC.
CZ denies Binance Bought More BTC Over The Weekend
Binance’s CEO also clarified various media reports being thrown around about Binance last weekend. Multiple media reports claimed that Binance bought more BTC on saturday to take advantage of the dip.
The reports cited the instance of a 101.266 BTC transfer from the exchange to a cold wallet. However, the Binance chief has claimed that this news was false.
CZ acknowledged the BTC transfer from the exchange to a cold wallet. However, he stated that it wasn’t Binance doing the purchase. According to him, if Binance’s BTC cold wallet balance is increasing, it means that more people are making BTC deposits to Binance.
One of the media reports had earlier claimed that Binance’s rising BTC cold wallet balance means the exchange is increased its BTC holdings. CZ’s claims might be believable given that BTC investors usually buy more of it when its price reduces.
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