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U.Today - Changpeng Zhao, famous within the crypto community as CZ, the former Binance chief executive and the platform’s cofounder, has taken to social media to address concerns expressed by many on the market at the moment regarding the future of the Bitcoin price.
"Bitcoin won’t die," CZ predicts
He assured the community that the 8% drawdown faced by the global crypto market leader, BTC, since Monday is not going to end the king of crypto. He also assured the community that there is no need to panic about the current situation, as Bitcoin continued to trade below the $90,000 level.“No need to panic, bitcoin won’t die,” CZ wrote in a recent tweet.
Meanwhile, on Tuesday, Bitcoin managed to stage a small recovery, gaining 2.23% in an attempt to break above the $89,000 price level. However, it has now been pushed down to $88,386, where it is changing hands at press time.
CZ has not sold any crypto
In a tweet published on Tuesday, CZ revisited his tweet published in 2020, where he said that he was "waiting for the new headline: Bitcoin ’CRASHES’ from $101,000 to $85,000." He stressed the word “crashes,” mocking those who love bearish narratives, while it proves to be bullish if one zooms out.Now, CZ repeated it but with much higher Bitcoin prices: “from $1,001,000 to $985,000.”
He also revealed that he has not sold any of his crypto holdings during the current market pullback or during the ones that occurred earlier.
Market has seen two Bitcoin "God candles": Samson Mow
Samson Mow, Bitcoin proponent and CEO of JAN3, a company focused on BTC adoption, has responded to multiple Bitcoiners mocking him for his predictions of “the Omega Candle” and his price outlooks for BTC reaching $1 million soon.His response to them was that what is happening to Bitcoin right now is “just normal volatility,” and it does not eliminate the chance of Bitcoin printing an “Omega” candle or surging to and beyond the $1 million-per-coin level.
In a comment, as an afterthought, Mow added that the market has already seen two “God candles.” Each recently propelled BTC upward by $10,000. Samson clarified what he means by this definition: “The God Candle is just the normalization of 10k daily moves, in preparation for even bigger movements as Bitcoin becomes more valuable.”