Bitcoin faces price dips, but CZ encourages users to buy now for long-term potential despite market volatility - IcoHolder.
Bitcoin's price dropped to $89,280 on Monday, marking its lowest point since mid-November. This decline follows a trend seen across various assets, with many markets struggling in recent weeks. Despite the sharp drop, Binance co-founder Changpeng Zhao, also known as CZ, is subtly encouraging crypto users to view this dip as a prime opportunity to buy.
In a tweet that quickly gained attention, Zhao shared his thoughts on the common regrets that many investors have, such as wishing they had bought Bitcoin during its early days or had taken advantage of past dips. He highlighted the role of fear, uncertainty, and doubt (FUD) in shaping market behavior and urged users to remain committed to holding Bitcoin during challenging times.
Zhao concluded his tweet with a powerful message: "Today is earlier than all the days to come." His statement reinforces the idea that there is no better moment than the present to make a move in the market. Despite Bitcoin's historical price surges, Zhao believes opportunities are still abundant for those willing to invest now.
As of now, Bitcoin is trading at $94,889, showing a slight recovery after the recent dip. The cryptocurrency has gained around 1.5% over the past 24 hours, bringing its market cap to $1.87 trillion. While this shows some optimism, concerns persist over potential short-term pressures on Bitcoin's price.
Despite the recovery, Bitcoin ETFs saw substantial outflows on Monday, with $284 million in withdrawals. The largest contributor to these outflows was Fidelity, selling $113 million worth of Bitcoin ETFs. Additionally, Ark and 21Shares combined for $92 million in sales. These movements have raised concerns about potential price pressure on Bitcoin, especially in the short term.
While Bitcoin’s current price is down by 15% from its all-time high of $108,000, some experts still see this as an opportunity. CZ’s message to hold strong and act now might resonate with those looking to capitalize on Bitcoin’s long-term potential. However, with Bitcoin ETFs experiencing withdrawals, it’s essential for investors to consider the possibility of further short-term volatility before making a decision.
As always, timing the market can be challenging, but for those with a long-term view, this moment could be one worth seizing.
