- Market-wide slump takes the global crypto market cap down by 1.9% daily.
- Leading crypto platform Binance puts up a countdown to the next BTC halving.
- Binance CEO Changpeng ‘CZ’ Zhao predicts when BTC will soar.
As the cryptosphere bumped into a market-wide sell-off this Monday at 09:30 AM UTC, Bitcoin (BTC) slumped back to $27,400 after several days of retesting the $28,000 resistance. However, altcoins were hit by the crypto earthquake even harder, setting mild panic among Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), and Solana (SOL) investors.
BTC successfully bounced back in minutes after hitting the daily low at $24,402, according to CoinGecko. At press time, the largest crypto trades at $27,504.66, maintaining confluence at the foundational support level. Bitcoin, the unprecedented financial star of 2023, still shines bright with 40% yearly gains.
Binance Boss Makes Bold Bitcoin Price Prediction
As global adoption grows, huge players in the crypto macrocosm place their bets on Bitcoin’s price in a year, in five years, and in a decade. In a recent post, Changpeng ‘CZ’ Zhao forecasts the perfect bullish setup for Bitcoin to reach a new all-time high.
CZ referred to the upcoming Bitcoin halving as a turning point in the next major Bitcoin price shift. However, he also disclaimed that “the bitcoin price won’t double overnight. And people will be asking why it didn’t,” alluding to the ‘buy the rumor, sell the news’ situation, frequently occurring amid big and favorable news for a blockchain project.
The tables for Bitcoin are expected to turn a year into the next Bitcoin halving. “The year after the halving, bitcoin price hits multiple ATH (all-time highs)” remarked the Binance Boss. This would catapult BTC above $69,044.77, reached in November 2021, during the worldwide crypto boom. Happening 194 days from now, the next Bitcoin halving can now be tracked on Binance’s homepage.
Uncertainty and indecision lead to the current sentiment of the crypto markets, as the Crypto Fear and Greed Index points to a status quo at 50. The short-term perspective has set a mild panic among alternative currency investors. Bitcoin remains relatively stable and is among the few cryptocurrencies in double-digit gains this year.
On the Flipside
- Many crypto enthusiasts on X (previously known as Twitter) complained about Binance Feed not being available in their region, which makes the new social network’s content unavailable to most developing countries.
Why This Matters
Understanding top industry players’ perspectives on Bitcoin’s price movement is crucial to determining where Bitcoin stands as a valuable asset.
Discover DailyCoin’s top crypto news:
Ethereum Foundation’s $27M Swap Sends ETH Price Tumbling
SHIB Grasps Short-Term Rebound Opportunity: Here’s the Catch