Binance CEO Changpeng Zhao believes the cryptocurrency industry is still growing despite the volatility shown in recent times. He also said the next Bitcoin all time high could be in after a while. However, he said some companies launched at the peak of the market could have difficult times going forward.
Bitcoin All Time High Next Phase?
Speaking to The Guardian, Zhao made some interesting comments around the next occurrence of Bitcoin all time high. The CEO also warned that no one can predict the future of Bitcoin, stating that the next all time high could take as long as two years.
“I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back. It probably will take a few months or a couple of years.”
Zhao felt the current Bitcoin price is not bad after all, admitting that the $20,000 range is relatively low. But, if people were told in 2018 or 2019 that Bitcoin could reach $20,000 in 2022, they would have been very happy, he explained.
Next Bitcoin Peak Around $420K?
Although it is not precisely clear as to when would be the next Bitcoin all time high, analysts are making strong predictions around what could be the peak. Many believe it could be around $4,20,000. Proof of Steve, a crypto investor, said the same.
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“Since Bitcoin topped at $69,000, it is clear to me the next target can only be $4,20,000. There is no in between. No fire without smoke.”
Another crypto enthusiast DrNick wondered whether next Bitcoin peak is going to be around the $4,20,000 level. Similarly, another enthusiast Rssi predicted a $420k Bitcoin peak based on the $69k top. “The BTC top was $69k. Next cycle pico top will be $420k obviously.”
As of writing, Bitcoin is trading at $20,363, down 6.58% in the last 24 hours, according to crypto price tracking website CoinMarketCap. Interestingly, the current Bitcoin price stands below the 200 week moving average (WMA) price around $22,300. On Wednesday, Bitcoin briefly traded below $20,000 mark, which was the first time after June 23.
Plan B also acknowledged this stating this could be the first monthly close below 200WMA ever. If this trend continues, June 2022 could well be etched in history for being the first time when BTC closes below the key indicator.
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