binance ceo - Binance CEO Compares Current Bitcoin Price Correction with 2014

Binance CEO Compares Current Bitcoin Price Correction with 2014

Since the beginning of 2018 that the cryptocurrency market is experiencing a bear trend. From their all time high, virtual currencies have dropped between 65% to 75%, and the total market capitalization has fallen around 70%.

Some individuals are worried about this market movement but, important figures like Thomas Lee, John McAfee and Changpeng Zhao have been showing support to Bitcoin’s development. All of them are bullish in the mid- and long-term. The Binance Founder seems to be sure Bitcoin is on the right track

Changpeng Zhao Convinced About Bitcoin’s Future Price

There are a lot of individuals that believe that history repeats. Something similar to a circle. Price goes up exponentially, then it goes down after a massive correction that can last months or – in the worst case – years.

On Twitter, Changpeng Zhao, Binance founder, wrote:

“Many people seem to think BTC price was flat before his year, as they appear to be on the graph. To the old timers, it’s the same pattern every year. Just the units on the left is different.”

In this tweet he shows prices from 2011/2, 2013, 2014, and 2015/16 where Bitcoin operates in a bear market and suddenly it recovers and registers a new all time high.

Thomas Lee, Fundstrat Global co-founder, says that before 2019 Bitcoin will reach $25,000 dollars. John McAfee, who predicted Bitcoin price to reach $1,000,000 before 2021, believes that the bull market will be delayed by no more than 30 days.

“Do not panic about the drop in Bitcoin’s price,” commented John McAfee on June the 10th. “It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.”

At the moment of writing this article, Bitcoin is being traded around $6,790 dollars and it is operating 7% down compared to 24 hours ago. At the same time, the crypto market has a market capitalization under $300 billion dollars. Bitcoin’s dominance is now up to 39%, the highest point since May.