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Here’s When Binance CEO “CZ” Thinks Bitcoin Could Bottom Out

The Bitcoin price Bottom could happen when there are headlines of "bitcoin is dead" according to Binance CEO CZ.
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Here’s When Binance CEO “CZ” Thinks Bitcoin Could Bottom Out

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.

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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.

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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.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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