Bitcoin will approach $70,000: Binance CEO

Although the price of bitcoin is currently reaching its low level, but market experts say that it can reach $ 70,000 (about Rs 54 lakh) in the next few months. Not only this, the price of bitcoin can remain at this level for the next 2 years. The CEO of cryptocurrency exchange Binance made predictions […]
 


Bitcoin will approach $70,000: Binance CEO

Although the price of bitcoin is currently reaching its low level, but market experts say that it can reach $ 70,000 (about Rs 54 lakh) in the next few months. Not only this, the price of bitcoin can remain at this level for the next 2 years.

The CEO of cryptocurrency exchange Binance made predictions about bitcoin in an interview. Changpeng Zhao has given good signs about the future of bitcoin, saying that the price of bitcoin will hit its all-time high in the coming months. For the next two years, it will continue to trade close to the level of Rs 70,000 (approximately Rs 54 lakh).

“I think it will take a long time to recover from the breakdown of 68 68,000 to 20,000. It may take months or even years,” he said.

Talking about the current price of bitcoin, it opened today with a gain of 5%. The price of bitcoin is Rs. Was trading at 16,46,006. In recent days, the price of bitcoin has dropped from Rs 20,000 to Rs 17 17,000. With this fall, it fell to the level of December 2017. Crypto investors didn’t expect it to go down that much.

Bitcoin reached 19,19,783 in December 2017. Then in 2018, when the market fell, it came down to the level of 3 thousand dollars. Then in December 2020, it again reached a high of 20,000. This means that it took 3 years for bitcoin to reach its peak. If this trend is taken as a basis, it may take about three years for Bitcoin to recover from its peak of 70 70,000.

“We think the 20,000 level is too low,” Changpeng Zhao said. But if people were told in 2018 that bitcoin would be worth Rs 20,000 in 2022, they would be very happy. Bitcoin was rare at the time. It was trading at 3 thousand to 6 thousand dollars.