Binance’s CZ believes we are in the early stages of a multi-year bull run and that it could last up until 2024. Speaking to Ran Neuner who is the co-founder of On-chain Capital, Capital Zhao shared his predictions for the market, so let’s read more in our Binance news today.
“We’re just seeing the flat part of the wave. The big wave hasn’t come yet. I think 2021, 2022, 2023, it’s going to take two to three years, maybe four years for this cycle to hit the max.”
No-one can predict the future accurately but CZ himself said that the call was his personal opinion and eventually it means he could be wrong. Neuner pointed out that Binance is in a good position to access the stats to model predictions which could include figures on the number of new crypto accounts signing up in a given period. Later on, CZ backed his prediction using the price history of BTC along with the time frames against which it reached an all-time high. He added that the subsequent bull cycle increased the length which he believes is a characteristic of the increasing market cap.
CZ believes we can see the prediction coming soon as he said that the prediction for BTC to surge took three years since 2017. Taking that into account, he thinks we have about three or four years ahead of the peak of the cycle:
“… It took three years to recovery from the 2017 peak. And now we’re in discovery, I think it’s going to go another 5, 10, 20x, we don’t know. And if that happens, it’s going to take a couple years”
CZ’s comments came as news after the recent downturn in crypto markets. Since Bitcoin’s bull run to $24K and the consequent rejection sentiment was flat. While tax FUD and double-spending accusations were blamed, the momentum indicators show that BTC have to cool off. CZ mentioned that we are in a discovery mode but what’s different now is that the presence of institutional players. If the cycle extends longer than four years, we can see a BTC price peak exceeding expectations. Bitcoin recently crashed below $30,000 while the rest of the market followed and is now trading in the red.
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