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Binance CEO Optimistic of Bitcoin Prices Despite Recent Fumble


Binance CEO Optimistic of Bitcoin Prices Despite Recent Fumble
  • 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%.

BTC/USDT: Source: TradingView

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.