Bitcoin Price Swings Are Normal Says CZ and Samson Mow
- Bitcoin has declined by 8% since Monday, raising concerns among investors about its future.
- Former Binance CEO Changpeng Zhao reassured the crypto community that Bitcoins volatility does not indicate long-term weakness.
- CZ emphasized that BTCs pullback below $90,000 is not a sign of collapse and urged investors not to panic.
Bitcoin (BTC) has faced an 8% decline since Monday, raising concerns in the crypto community about its future. Former Binance CEO Changpeng Zhao, widely known as CZ, has reassured investors that the market leader remains resilient. His recent comments on social media emphasized that BTCs volatility is part of its nature and does not indicate long-term weakness.
Bitcoin Recovery Stalls as CZ Stays Optimistic
CZ took to social media to address concerns about BTCs price drop, asserting that there is no reason for panic. He emphasized that Bitcoins pullback below the $90,000 mark is not a sign of collapse. His message sought to reassure investors that the cryptocurrency remains strong despite recent fluctuations.
On Tuesday, BTC attempted to recover, gaining 2.23% as it tried to break above $89,000. However, the price faced resistance and dropped back to $88,386. Despite this movement, CZ reaffirmed his confidence in BTCs long-term trajectory.
Changpeng Zhao recalled a tweet from 2020 where he humorously predicted future market narratives about BTCs price swings. He referred to exaggerated reactions to price corrections, suggesting that BTCs long-term trend remains bullish. This time, he extended the same perspective to higher price levels, reinforcing his belief in Bitcoins continued growth.
He also confirmed that he has not sold any of his crypto holdings during this market pullback or previous ones. His stance aligns with his long-term investment strategy and confidence in BTCs value. By maintaining his holdings, he signaled that he sees no fundamental threats to BTCs future.
Mow Predicts Bigger Bitcoin Price Movements Ahead
Samson Mow, CEO of JAN3, also addressed market concerns, emphasizing that Bitcoins price fluctuations are normal. He dismissed criticism of his previous predictions, including the possibility of BTC reaching $1 million. Mow insisted that these price movements do not eliminate the chances of significant future gains.
He pointed out that Bitcoin has already experienced two God candles, which propelled its price upward by $10,000 each. He defined a God Candle as a large daily price movement, which he believes will become more frequent. His comments suggest that BTCs increasing value will lead to even greater price shifts over time.
As BTC continues to experience volatility, industry leaders remain confident in its long-term potential. CZ and Mow assert that short-term declines do not change the broader outlook for Bitcoin.
Read more: https://www.tronweekly.com/bitcoin-price-swings-are-normal-says-cz/
Text source: TronWeekly
