The price of the Bitcoin token has significantly dipped in the past 48 hours and currently stands below the $89,000 mark. With this fall, the entire market has experienced a downturn, with the global market cap decreasing to $3.02 trillion with a dip of 0.7% in the last 24 hours. Amid all of this chaos, Binance’s former CEO Changpeng Zhao (CZ) posted on X stating, “No need to panic, Bitcoin won’t die.”
Fear And Greed Index Drops
Currently, the Fear and Greed index has dropped down to 21, which indicates extreme fear within the market. The entire crypto market is bleeding red with most of the token prices showing a sharp decline. Bitcoin token currently stands at $88,442.60, with a dip of 1.1% in the past 24 hours, as per CoinGecko.
CZ’s Strong Belief in Bitcoin’s Potential
CZ’s tweet indicated his long-standing belief in Bitcoin as a decentralized asset and store of value. He has consistently emphasized to focus on the long-term potential of the token.
In another recent tweet, he humorously predicted that sometime in the future, Bitcoin could “CRASH” from $1,001,000 to $985,000. All of this just indicates that he wants the community to stay calm and not panic sell during the market fluctuations.
CZ and his Predictions
CZ has made many such predictions, and most of them have come true due to which CZ has become a key figure in shaping crypto sentiment. His earlier forecast about Bitcoin’s price trends have often been in line with the market behavior, which has influenced the market behavior and boosted confidence amongst the investors.
With the current tweet, CZ is urging the community to focus on Bitcoin’s fundamentals and ignore the short-term fluctuations.
Even though the market does not look good at the moment, some analysts predict that, looking ahead, in March 2025, the average trading value of Bitcoin could reach $117,410.68.
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