The CEO of Bainance Exchange predicted that the current uptrend cycle is just beginning and that the trend in the digital currency market will continue until 2024.
To Report In an interview with Ran Neuner, co-founder of On-Chain Capital, cryptocurrency Changpeng Zhao outlined his outlook for the digital currency market.
We now see only the flat part of the wave. The big wave has not come yet. I think 2021, 2022, 2023 will take two or three years, or maybe four years for this uptrend to peak.
Of course, no one can accurately predict the future. Zhao himself has previously said that these statements are purely his personal opinion and may be completely wrong.
But, as Neuner points out, the Bainance exchange is in a unique position to access such statistics by modeling such predictions. For example, the number of accounts opened in a given period of time is one of these statistics.
However, in explaining the outlook for the multi-year uptrend, Zhao relied on bitcoin price history to support his forecast, along with the time it returned to the record high.
He added that each bitcoin cycle has been longer in length than the previous cycle, and that, according to Zhao, is one of the market features whose total value is growing over time.
The CEO of Bainance justified his forecast on this basis and said that it took three years from the peak of 2017 for Bitcoin to record a record $ 20,000 at the end of last year.
Given this, Zhao believes that if history repeats itself, we are probably three or four years away from reaching the peak of the current cycle.
Recovering the peak of 2017 took three years. And we are now discovering the price, I think [ارزش بیت کوین] 5, 10 or 20 times, we do not know. And if that happens, it will take several years.
The remarks of the CEO of Bainance after the recent downward trend in the digital currency market is good news. After the astonishing rise of Bitcoin to $ 42,000 and the subsequent decline, approaches moved towards price stabilization. While fears, mistrust, and skepticism over tax disputes and re-spending charges were cited as reasons for the trend, technical market indicators indicated that Bitcoin was ready for such a trend.
Interestingly, as Zhao said, we are currently in the price discovery phase, but the difference between the current situation and the uptrend in 2017 is the presence of institutional investors, which raises many questions about how they affect the uptrend. Could this cycle last more than four years? Could the Bitcoin price peak be higher than expected?
Given that we have never been in such a situation before, it is not easy to answer any of these questions. But one thing is certain; The coming year is an important period for this industry.