cryptocurrency

Binance CEO Optimistic About Bitcoin Price Despite Recent Flounder

  • 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%.

BTC/USDT: Source: TradingView

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.