Bitcoin’s price hasn’t been very impressive this past week, particularly entering today; having fallen below $6,000. It sis enough to scare off a newbie in the cryptocurrency circle, however, for the whales and bulls it is just one of the times of crypto cycle. And speaking of these Bitcoin bulls, one who has even gone to the extent of setting up his own exchange firm Binance. The trip for Binance has been quite rough, facing rejection in some Asian countries and then finding a refuge in the blockchain island of Malta. The CEO of Binance, Zhao Chengpeng, could definitely not let this go, and had some few things to say about the price flux of Bitcoin.
Bitcoin has had historic runs several times even to the point of $19.5 k. But these kind of peaks are mostly temporary, just as the dips in value. And people who are not so well versed in the rhythms of the cryptocurrency world would be easily disappointed with such occurrences as they mostly look for gains within a short term with their hit and run investments. But Mr. Zhao as a crypto dealer himself is reminding us that volatility is just one of the many wonders of cryptocurrencies and that people should get accustomed to it, especially newcomers.
Zhao first brought to notice that Bitcoin has never really had a “flat chart”, reinforcing his point of volatility. He further explained that this is a normal terms for almost any financial market. He stated that the volatility which has plagued the Bitcoin market for the past seven years is actually one of the many things that has made it very interesting and “appealing” to investors.
More specifically, ZhengPeng confirms there hasn’t been a “flat” Bitcoin price chart to speak of. Again, this is only normal, as all financial markets are subject to volatility in their own way. Bitcoin is no exception, even though things have remained at a status quo until May of 2011. Ever since, there has been highs and lows virtually every other week, which is part of what makes the market so appealing.
Many people seems to think BTC price was flat before this year, as they appear to be on the graph. To the old timers, it’s the same pattern every year. Just the units on the left is different. pic.twitter.com/mwu8U3jn0J
— CZ (@cz_binance) June 10, 2018
This is in reference to the routine run of Bitcoin where there a bullish run followed a long slug and then a bull and then the year ends with a slug extending into the early months of the next year.
Bitcoin predictions is almost becoming nauseating and if not cliché. Speculating the price of Bitcoin is almost like saying what kind of movie Marvel Studios will release. Everybody knows there will be a great deal of humour in there, just as everybody knows Bitcoin’s price will rise again judging both by past trends. But we must admit some people are maybe too optimistic when it comes to these speculations. The coin starting the year with an impressive $15,000, some people predicted a $45,000 end of year value. Admittedly, those people might have overstated. But one thing that’s for sure is this; short term investors are definitely not going to get the run for their money.
Follow us on Telegram
You have Successfully Subscribed!