- After starting the month at $24,000, the Bitcoin/US Dollar pair has lost 14% this month.
- CZ mentioned that it’s been five years since bitcoin hit $20k for the first time.
If current trends continue, Bitcoin (BTC) might have its worst August performance since the 2015 bear market next month. According to the on-chain analytics platform Coinglass, the BTC/USD pair has not experienced a worse August in seven years.
Bitcoin holders’ anxiety is warranted after two consecutive price drops, but September has a history of being much worse than August. After starting the month at $24,000, the Bitcoin/US Dollar pair has lost 14% this month, making August the worst month for BTC/USD since August 2015, when the pair lost 18.67%.
A “red” month for Bitcoin is already well-known, and average losses since Coinglass records started in 2013 have been about 6%.
In this case, experts’ pessimistic forecasts may be attributed to a confluence of macroeconomic uncertainty and familiar trends. Although the price of Bitcoin (BTC) has dropped to around $20,000, the underlying network fundamentals remain everything but pessimistic.
Today’s price does not erase all the development and adoption in the past five years. Price is just a reflection of mass psychology, not progress.#bitcoin will be here 5 years later, at a diff price.
— CZ 🔶 Binance (@cz_binance) August 28, 2022
Despite the prolonged crypto winter, Binance CEO CZ has shared an optimistic tweet. CZ mentioned that it’s been five years since bitcoin hit $20k for the first time. The current value of bitcoin is about $20,000 USD. The price we pay now doesn’t negate the progress and widespread acceptance over the previous five years. Cost is only a reflection of public sentiment and not an indicator of development. Bitcoin will still be there in the next 5 years, but at a different price. This gives a lot of positive energy to traders and hodlers as the crypto winter has been brutal.
Furthermore, despite widespread fears, recent on-chain data reveals that both hash rate and complexity are rapidly increasing. Miners aren’t deterred by the BTC/USD exchange rate’s recent drop of about 7% in a week.
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