Bitcoin Will Take Years To Return To $60,000, Binance Founder Says

Crypto entrepreneurs, be it Changpeng Zhao, the creator of Binance, or others, regularly make headlines with their predictions about the future of cryptocurrencies. Usually they appear to be far from reality, because they are very insecure.

I think, given the price drop, it will take time to get back to the level [des 69 000 dollars] Changpeng Zhao, the celebrated founder of crypto exchange Binance, is not particularly optimistic about the near future of bitcoin prices. In an interview with the English newspaper The Guardian, the entrepreneur explained that he thought it was at least ” a few months or even a few years before bitcoin rose above $60,000 again.

Will bitcoin stay around $20,000 for 2 years? // Source: Canva

A bitcoin around $20,000 for 2 years?

The entire cryptocurrency market is going through a very difficult time right now. The collapse of the Terra/UST ecosystem, resulting in the destruction of billions of dollars, dampened investor confidence, as well as the difficulties facing the Celsius platform and the investment fund 3 Arrows Capital. As for bitcoin, it is at an all-time low, not seen since 2020, and could continue to fall.

Despite his somewhat pessimistic forecast about the future of bitcoin, CZ still wanted to reassure. † Now $20,000 is believed to be very low. But if you had told people in 2018 and 2019 that bitcoin would be at this level, they would have been very happy! Bitcoin was between $3,000 and $6,000 at the time ‘ he recalls. † If you look at the bitcoin price, we are now above the last spike. Whether it’s normal or not, I think the industry is still growing and the price swings are normal

This is not the first time the price of bitcoin has fallen sharply after breaking a record: the cryptocurrency had this behavior before in 2017, when it crossed the $19,000 mark for the first time. After a period of gains, it quickly lost value before stabilizing.

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Bitcoin was worth $19,000 in 2017 before it fell //Source: Numerama screenshot

Predictions are often random

However, CZ admitted that “ no one could predict the future », and that his estimates may not be correct. However, predictions about the evolution of cryptos are common. Influencers, specialists, analysts and entrepreneurs never hesitate to give their opinion, which regularly makes headlines (as in the article before you by the way). Although the current market is unstable, this kind of news is comforting or disturbing, but it can have a significant impact on sales and purchases. But most of the time they are wrong.

In 2021, billionaire Tim Draper predicted that bitcoin would reach $250,000 by 2022. At the beginning of the year, many investors or entrepreneurs said bitcoin would reach $100,000 in the coming months. † Some organizations even predict a bitcoin of 1 million euros in 2030 or 2050.

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Don’t trust entrepreneurs’ predictions about the price of crypto // Source: Canva

However, these predictions should be taken with a grain of salt. When they were created, bitcoin was still in the midst of a “bull run”, i.e. in a period of growth. Since then, the return of inflation, the rise in key European Central Bank interest rates, and the various crypto company bankruptcies have left the market cold and suggesting a more turbulent future. New forecasts – such as CZ’s – reflect this.

The year 2022 is not yet over – and a rebound to $100,000, or even $250,000, cannot be ruled out, even if that’s unlikely given the current economic situation. Nevertheless, the tone changes in the forecasts of specialists and entrepreneurs show that they are not always reliable – and that you should not invest in them.

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