Binance CEO Talks About The Bitcoin Correction Point
CEO of Binance, Zhao Chengpeng, issued a statement reminding Bitcoin users not to be overly concerned by the current level of volatility in the market. He also pointed out that Bitcoin hasn’t seen a ‘flat’ price chart to date.
Despite this, many users appear to believe the BTC price was relatively flat prior to the massive surge in price towards the end of 2017 and the spectacular pricing slump that followed in early 2018. What those people may not realise is that history often repeats itself, especially in the world of Bitcoin.
Every financial market around the globe is subject to a certain level of volatility in its own way, and Bitcoin and other cryptocurrencies are no different. Volatility and pricing corrections should be considered a normal part of the digital currency market.
The widely publicised volatility in pricing for some of the major cryptocurrencies has caused many to speculate that the bubble is about to burst. There is also much speculation about the possibility of unscrupulous activities within the cryptocurrency world, such as ‘pump and dump’ schemes artificially inflating prices.
By comparison, veterans within the digital currency industry understand that pricing corrections are normal within the majority of financial markets, with dips and peaks in prices occurring regularly. Some experts believe that history will once again repeat itself throughout 2018, with BTC prices spiking somewhere near $15,000 before plummeting again. Others anticipate that prices over the coming months may even set new records.
While many people are determined to remain focused on the short-term activity and momentum of Bitcoin pricing, the reality is that they also lose sight of the long-term bigger picture. For those users chasing short-term profits, the current bearish sentiment in the market doesn’t look good. However, for those maintaining a long-term hold position, there is still plenty of potential for Bitcoin prices to correct and begin climbing once again.