Binance CEO Says Industry Growing As “In 2017, We Thought Bitcoin $20K Very high, Today, We Think $20K is Painfully Low”

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    Binance CZ has remained positive about Bitcoin despite the collapse of the crypto market. 

    Changpeng “CZ” Zhao, the CEO and founder of the world’s largest cryptocurrency exchange Binance, is optimistic about the recent events in the market despite the massive price crash.

    CZ noted in a tweet today that the crypto market is growing despite the recent market collapse. Commenting on Bitcoin’s price, the Binance founder said that during 2017 when the top asset class surged as high as $20,000, many people believed the price was “crazy high.”

    Interestingly, fast forward to today when the asset class price is still trading within the 2017 all-time high (ATH), investors are saying something different than the asset price is “painfully low,” CZ said.

    “In 2017, we thought 20K was crazy high. Today, we think 20K is painfully low. The industry is growing,” Binance CZ tweeted.

    Bitcoin’s Rally Since 2017

    It is noteworthy that Bitcoin has come a long way since 2017. The world’s largest cryptocurrency price has soared over 200% since it hit $20,000 toward the end of 2017.

    Bitcoin’s massive growth at the time ushered many investors into the crypto market, which also bolstered the asset class to new highs.

    In November 2021, Bitcoin hit an all-time high of (ATH) of $69,000, with many expecting the asset to touch $100,000 very soon.

    Bitcoin Crashes Amid Unfavorable Developments

    Contrary to these bullish expectations, Bitcoin has been badly affected by recent market events that have plunged BTC’s price from its ATH of $69,047 to $20,100.

    As widely reported, events such as Russia’s invasion of Ukraine, Terra ecosystem collapse, rising inflation, and the Celsius Network incident, have all contributed to the downward trend of the crypto market.

    While many retail traders have reacted emotionally to the crash of Bitcoin, large investors believe people’s reaction to BTC prices at $20,000 shows the nascent industry is growing.

    Mike McGlone And Peter Brandt

    As reported by TheCryptoBasic Bitcoin market analyst Mike McGlone, consider $20,000 levels as the new $5,000 as a BTC bottom.

    Veteran Crypto Trader And Analyst Peter Brandt also believe the $20k Price For Bitcoin Can Provide A Relief Rally.

    At press time, Bitcoin is changing hands at $20,640, representing a 2.4% decrease in the last 24 hours.

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