The CEO of Binance recently made a new price prediction regarding upcoming Bitcoin price increases. Specifically, he believes that Bitcoin is about to see a dramatic price increase towards $16,000. Nevertheless, the CEO admits that the exact timing of this price increase is hard to predict.
Zhao says Bitcoin will soon be worth $16,000
This news came as Changpeng Zhao, the CEO of the cryptocurrency exchange Binance, sent a tweet on November 1st. In it, Zhao highlights that price predictions are generally “easy”, although it is harder to accurately know exactly when they will occur.
Nevertheless, Zhao hints that the exact timing of this upcoming price increase will soon become clear, jokingly hinting that 1.4 billion people are currently working on understanding it.
“Lol, price predictions are easy. It’s just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak.”
More precisely, this tweet came in answer to a previous tweet pointing out to Zhao that previous Bitcoin predictions had been wrong. Specifically, an anonymous 4chan user had predicted that Bitcoin’s price would reach $16,000 by the end of October this year.
Will Bitcoin rise to $87,000 next year?
In addition to this, the prediction also suggests that Bitcoin will reach a price of $29,000 in Q1 of 2020. Moreover, it also said that Bitcoin would continue to increase to a price of $56,000 in Q3 of next year. Additionally, it also suggests that Bitcoin will then continue to surge in price, to a price of around $87,000 by Q4 of 2020.
Nevertheless, it is now clear that the first deadline of this price prediction has passed. As such, it calls the entirety of the price prediction into question, seeing as Bitcoin did not reach a price of $16,000 in October of this year – even though it did surge past $10,000.
Now, it would appear that Zhao is trying to give some more insight into the previous price prediction. In doing this, he highlights how it is relatively easy to predict general market movements. As Zhao’s tweet makes clear, the hard part is instead to predict the exact date a price increase will take place.
Furthermore, Zhao’s prediction that Bitcoin will rally to $16,000 “soon-ish” comes as he also said that Binance’s decentralized blockchain exchange DEX is now the largest decentralized crypto exchange in the world, according to volume.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.