Binance CEO on Bitcoin (BTC) Price: 'Doesn't Feel Like We Will Hang Around $9,000 for Long'

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Fri, 03/06/2020 - 06:57
Alex Dovbnya

Is 'slapping' about to commence? Binance CEO Changpeng Zhao definitely thinks so as he predicts that the Bitcoin (BTC) price will not stay below $10,000 for much longer

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The price of Bitcoin (BTC) will not stay below $10,000 for much longer due to 'seismical shifts' in the crypto space, according to Binance CEO Changpeng Zhao.

The number one cryptocurrency by market cap is currently changing hands at $9,114 with bulls vying to take back control.    

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Bitcoin relishes in positive news 

CZ is apparently referring to a recent flurry of positive news within the cryptocurrency industry that lifted the spirits of Bitcoin enthusiasts. As reported by U.Today, the Supreme Court of India recently struck down the damning crypto ban that was imposed back in 2018 by the country's central bank.

A day later, there was another major breakthrough in the Asia-Pacific region with South Korea finally legalizing cryptocurrencies. The recently passed legislation requires local businesses that deal with the nascent asset class to register with financial authorities. 

It's possible that yesterday's five percent BTC price rally was attributed to these legal milestones. However, it clearly cannot hold a candle to the glorious China pump that pushed Bitcoin up 40 percent in one single day on the news that the second-largest economy made blockchain its new priority. 

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A staunch permabull 

Nevertheless, CZ's price predictions should be taken with a grain of salt. He infamously tweeted that those who sold Bitcoin below $10,000 had to slap themselves, which became the main meme of the year because of how wrong this prediction was. 

This January, he said that BTC would make an extra-bullish move right before the top coin plunged five percent.

CZ said that Bitcoin would be 'super high' if exchanges could manipulate its price, given that crypto businesses do much better in bull markets.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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