Binance's CEO, Changpeng Zhao (commonly known as CZ) has responded to an X social media post drawing parallels between Bitcoin's present-day trends and the historic 2014-2016 period. "History rhymes," he wrote.
Back in 2016, after a period of consolidation, Bitcoin prices surged, breaking out of a set range and establishing new highs. If the present truly mirrors the past, Bitcoin could be on the brink of another substantial move.
New ATHs?
As reported by U.Today, Zhao recently predicted the possibility of multiple all-time highs (ATHs) if Bitcoin continues to mirror its past price cycles.
Based on his familiarity with the three preceding Bitcoin halvings, CZ envisions a pattern: the anticipation, news, and excitement ramping up in the months before the halving.
Immediate price explosions post-halving are unlikely, but the subsequent year could witness several ATHs for the cryptocurrency if history is any guide.
Low volatility
Currently, Bitcoin is trading at around $27,100, reflecting a modest decline of 1.81%. However, its market capitalization remains robust at approximately $528 billion.
Compared to its altcoin peers, Bitcoin has exhibited lower volatility. This helps it to reinforce its reputation as a relatively steady contender in the crypto arena.
According to Glassnode co-founder Yann Allemann, the present price behavior can be partly credited to investors pivoting from traditional equities and risk assets.
Instead, they're gravitating towards gold and oil, which have recently witnessed an uptick of up to 6%.
Dan Burgin
Tomiwabold Olajide
