Given the current price drop, it could take up to two years for Bitcoin to reach its all-time high again, Changpeng Zhao opined .
Changpeng Zhao , CEO of Binance , the world’s largest cryptocurrency exchange, has warned that it will take a few months to two years for Bitcoin to reach its all-time high of nearly $70,000 .
He also predicted that large cryptocurrency projects will survive the bear market, while smaller ones might have a harder time sustaining themselves.
The CEO of Binance , also known as CZ, has often advised investors during previous cryptocurrency market crashes. In a new interview, the businessman has stated that the industry is relatively new , so significant price fluctuations are expected.
Hopes in Bitcoin
People might consider Bitcoin’s price of $20,000 a “very low” level, but looking at Bitcoin’s active development over the years, you’ll see that it has made considerable progress.
“In 2018 or 2019, if you told people that Bitcoin will be 20k in 2020, they would be very happy,” since BTC was $3,000 to $6,000 in those years .
CZ is also optimistic that BTC will build on and even surpass its all-time high of over $69,000 recorded last year. However, you will have to spend up to two years for that.
“I think given this price drop, from the all-time high of 69K to 20K now, it will probably take a while to come back. It will probably take a few months or a couple of years. No one can predict the future,” CZ said, according to The Guardian . .