- After starting the month at $24,000, the BTC/USD has lost 14% this month.
- Czechoslovakia reports that it has been five years since Bitcoin first hit $20,000.
If current trends continue, Bitcoin (BTC) could perform its worst August performance since the 2015 bear market next month. According to the on-chain analytics platform CoinglassThe BTC/USD pair hasn’t seen its worst August in seven years.
Bitcoin holders are justified after two consecutive price drops, but September has a much worse history than August. After starting the month at $24,000, the BTC/USD pair lost 14% this month, making August the worst month for BTC/USD since August 2015, when the pair lost 18.67%.
Bitcoin’s “red” month is already well known, and the average loss since Coinglass records began in 2013 is around 6%.
In this case, the pessimistic expert forecasts may be attributed to the confluence of macroeconomic uncertainty and familiar trends. Although the price of Bitcoin (BTC) has dropped to around $20,000, the fundamentals of the underlying network remain pessimistic.
Today’s price does not erase all the development and adoption of the past five years. The price is just a reflection of collective psychology, not progress.# bitcoin It will be here in 5 years at a different price.
– CZ 🔶 Binance (cz_binance) August 28, 2022
Despite the long crypto winter, the CEO of Binance CZ shared an optimistic tweet. CZ He mentioned that it has been five years since the bitcoin price first hit $20,000. The current value of Bitcoin is around $20,000. The price we are paying now does not negate the progress and wide acceptance over the past five years. Cost is only a reflection of general feelings and not an indicator of development. Bitcoin will still be around for the next five years, but at a different price. This gives a lot of positive energy to the traders and inventors because the crypto winter has been tough.
Moreover, despite widespread concerns, recent on-chain data reveal that both hash rate and complexity are rapidly increasing. Miners are not discouraged by the recent decline in the bitcoin/dollar exchange rate of about 7% in the week.
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