While Bitcoin has been seeing a lot of downward momentum these past few days, veteran users are not worried and says it’s business as usual. Coming from a high of $20k earlier in the year, Bitcoin’s price decline to below $7k seems like the bubble has burst and many fear earlier all-time-highs will never be seen again.
Binance’s CEO, Changpeng Zhao (affectionately known as CZ) has took to Twitter to try to calm panic over the recent price drops. CZ reminds users that Bitcoin’s price was not flat before this year and the same price patterns continue to cycle every year.
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. pic.twitter.com/mwu8U3jn0J
— CZ (@cz_binance) June 10, 2018
While it is impossible to guess where Bitcoin’s price will be at the end of the year, many experts predict there will be a surge near the end of the year as usual, and prices may climb over $15k again. Historical evidence has shown these bearish patterns to be expected, but Bitcoin should be fine in the long run. 2018 has already been historical with financial regulators responding to crypto investors with more intent as well as the introduction of institutional investors entering the scene.