The cryptocurrency market is eagerly awaiting Bitcoin in 2024, which is a milestone for the crypto industry as a whole. Meanwhile, Binance, a major player in the crypto space, has started the Bitcoin halving countdown on its homepage, emphasizing the significance of the event. In addition, Binance CEO Changpeng Zhao also shared his views on the halving.
According to the CEO of Binance, the Bitcoin halving event often creates excitement, discussion, and high hopes in the crypto world. It is marked by anticipation, speculation, and the overall positive outlook of Bitcoin supporters. However, CZ cautions that the post-halving phase will rarely see a doubling of prices.
In terms of historical data, Bitcoin halvings often push the price of the crypto to various all-time highs (ATHs) in terms of price. Meanwhile, these patterns often trigger retrospection, as people search for the catalyst behind this extraordinary spike. CZ emphasized that investors often forget about the connection between the halving and price spikes, which leads to speculation about these unexpected spikes. Interestingly, the year after the halving brought a different narrative.
While CZ's view provides a different picture of historical patterns, he emphasizes that past performance does not guarantee future results, especially in the volatile world of crypto.
According to him, the Bitcoin halving event revolves around the history of its price and psychological factors that affect market sentiment. The halving event raises expectations and excitement, leading to instability as positive and negative sentiments try to dominate each other.
Meanwhile, investors are closely monitoring Bitcoin's performance, amid concerns in the market. At the time of writing, the Bitcoin price is at $27,876.96, down 0.30% in the last 24 hours, and trading volume is up 6.13% to $7.38 billion. N
In fact, CZ generally cautions that the immediate post-halving price rally may not be as great as some expect. CZ emphasizes that past performance does not guarantee future results in the turbulent world of crypto.
