Changpeng Zhao, Binance’s leading exchange leader, thinks investors buying Bitcoin when declared dead is often correct in history.
Bitcoin in the red
Once Bitcoin finds itself in the red, many media or analysts stress the burst of bubbles or worse yet the latter dies. Bitcoin Obituaries tracked the number of times Bitcoin was declared dead: 455 times so far. Since ATH occurred in November 2021, Bitcoin lost almost 75% of its value and is now trading around $ 20,000. It is therefore natural that many commentators show the death of the asset again.
Another sign, the fear and greed index is at its lowest level with a score of 9 reflecting a feeling of extreme fear in the crypto market. This is a historically low score that is rarely achieved. Proof if the pessimism needs to shake the market in recent weeks. Along with this all the bad news is hitting the market and you will have all the elements that explain this harsh climate around cryptocurrencies.
CZ is optimistic about the future
Binance’s energetic boss Changpeng Zhao sees the positive side of this market situation. He recently tweeted about it:
Historically, if you were buying Bitcoin every time the headlines announce his death, you would have done well. It makes sense: when they lose hope, that’s where the bottom is usually formed. This is not investment advice, I do not recommend any strategy for the future.
CZ was just in support of Bitcoin’s behavior every time it was declared dead. Of course, past performances do not predict those for the future and do not promise ATH for the coming months. However, history has shown that when the market is bearish, that is often the time when cryptos opt for a trend reversal.. This is often the time to invest, especially if you have a long – term DLP strategy that allows you to settle your entry and, therefore, take advantage of those reductions.
The coming weeks and months will tell us if we have found a base for Bitcoin and the crypto market. We will also see if history happens again and if this is indeed an opportunity for all investors.
Risk of capital loss.
