Bitcoin value is once again going down. Those new to the industry may be in a world of FUD but experts like Binance CEO ChangPeng Zhao know that this dip is just like every other dip the cryptocurrency has had since its rise to fame in 2011.
Zhao took to Twitter to explain that this kind of market dip happens practically every year with matching graphs to illustrate his point:
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
John McAfee also took to Twitter and backed up Zhao’s point, also calling Zhao a major influencer in the crypto space:
I’m not alone in being bullish on Bitcoin. The major influencers in the crypto world agree with me:https://t.co/XR34wsYguR
— John McAfee (@officialmcafee) June 11, 2018
Basically, what Zhao is trying to say is that there is nothing unusual about the price dip that bitcoin is experiencing now. There’s no need to panic or and overanalyze what negative events could have possibly triggered the negative trend.
In December of 2017, bitcoin hit its all-time high of $20,000, dipped, and rose back again. If anything, we may even be expecting a new all-time high given this pattern.