Chao Makes Date for $70k Level

Former Head of Strategy at Binance, Gin Chao, expects Bitcoin (BTC) to hit an all-time high (ATH) by the end of 2023 or early 2024. Gin Chao, former head of strategy at Binance, said in an interview with Forkast that he thinks Bitcoin will hit a new high by the end of 2023 or the beginning of 2024, breaking the all-time high of around $70,000.

At the same time, the founder of investment company CVP NoLimit Holdings, Chao, stated that the declines experienced resembled the bear market of 2018-2019. Saying that the bear market repeats itself every 18-24 months, Chao thinks that there will not be much change in the cycles of the cryptocurrency market and that with the continuation of this cycle, Bitcoin may reach its highest levels in early 2024.

Stating that investors who have been in the crypto money market for a long time are calm because they have experienced the bear market before, Chao stated that he worked at Binance Labs in the bear market of 2018-2019 and that the most successful investments were usually made in the “crypto winter”. Binance CEO Changpeng Zhao (CZ), like his former colleague Chao, recently gave the first signals that Bitcoin’s downtrend is coming to an end and that it is in a bull market.

On the other hand, the opposite views are also strong. In a speech Wednesday, European Central Bank (ECB) board member Fabio Panetta methodically summarized the flaws and damaging effects of Bitcoin and other cryptocurrencies on the economy, in a new indication of the ECB’s reluctance towards cryptocurrencies. He explained that cryptocurrencies are “a generation’s bubble doomed to burst” and are simply “a new way to gamble”. He put forward three specific arguments to support his view: the social futility of cryptos, the risk posed by the security illusion of stable cryptos, and the danger of high leverage used by crypto investors.

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