After consolidating at $29,000 for a long time, Bitcoin, the leading cryptocurrency, experienced two consecutive declines within two days.
While Bitcoin came to $ 25,000 with this sudden and sharp decline, large retracements were seen in altcoins.
While the sharp declines in BTC and altcoins made investors nervous, there were many panic sales.
As investors continue to seek clarity on the direction of BTC, a new post came from Binance CEO CZ.
Pointing out that Bitcoin has experienced occasional decreases since its release, CZ said that BTC should focus on the big picture.
At this point, CZ pointed out that when looking back, Bitcoin experienced sharp drops, and when looking at the bigger picture, BTC always rose.
Citing a tweet he sent in August 2019, CZ said that 4 years ago, after BTC hit $ 10,000, it fell and there were panic sales.
CZ, who wants to draw attention to the fact that something similar is happening now, said that investors should not look at short-term.
4 … years ago, we were thrilled to see #BTC finally climb back to $10,000 again. And then it dropped for a bit. I got a few “comments” for the tweet below 👇, for a while… 🤷♂️
Zoom out. https://t.co/3q1iVy2rdp pic.twitter.com/6M3XFsP5Ji
— CZ 🔶 Binance (@cz_binance) August 18, 2023
*Not investment advice.
