The CEO of Binance, Changpeng “CZ” Zhao compared the current movement of the Bitcoin market to that of 2014’s with his recent tweet. He provided a side-by-side analysis of these time frames.
The tweet in question said:
“Many people seems to think BTC price was flat before this year, as they appear to be on the graph. To the old timers, it’s the same pattern every year. Just the units on the left is different.”
Relatedly, he also said:
“Another good VC friend of mine just said “my industry is completely disrupted, money is no longer the bargaining chip, we are moving into crypto.” I said what I always say, “welcome”.”
The graphs are from the years 2012 to 2015, demonstrating the same pattern seen after the crash yesterday. This would imply the existence of a pattern in the hike of a price, and that the coin may yet recover from the wounds to its market cap.
The flash crash yesterday saw Bitcoin ride the knife down all the way to the high $6000s from its earlier price of $7600. The first drop saw it go down to $7300, whereas the second drop was from $7200 to $6700.
The graphs show the spikes in price in greater detail, as the prices corrected and then proceeded to see great hikes in price.
Long-time holders saw similar panic sells in the past at significant limits. Even as the crypto space has seen greater diversification since the ICO boom of 2017 and early 2018, the dominance of Bitcoin has been undisputed. It has always held a majority of the market share, and at the current market dominance of 39.1%, it seems undisputed.
Twitterati, however, seemed to have a differing view on the subject.
User BitcoinCashftw said:
“Bitcoin Core broke BTC by forcing it to keep small blocks and low capacity, which causes huge fees and delays with any increase in use. If price goes to a new high fees will be astronomical and people will run away to altcoins again like in late 2017. BCH is the real Bitcoin now.”
User rallyqt said:
“If @cz_binance is hinting it’s going blast off be prepared guys. History doesn’t repeat itself, but it sure does rhyme. LETS GOO!!!”
User Pamela wright said:
“I like this graph. Thx!”
User XVG cryptocurrency said:
“I don’t think the bullish euphoria is back, they are taking profit, the bubble still did not deflate completely: and the big money doesn’t want to buy the BTC at this price, they will drag down the price as much as they can before to come into the game?: