Binance founder and former CEO Changpeng Zhao has shaken up the crypto community again with a new post about Bitcoin on the social media platform X (formerly Twitter). The founder, who many believe has called the top and bottom of the market various times, holds significant sway over the market, triggering major movements. Thus, it is no surprise that his latest post, talking about his participation in the crypto market in the past, is being interpreted by many as bullish.
Binance Founder Shows Where The Market Was In The Past
The post shared by the crypto founder shows what looks to be the price of Bitcoin sitting as low as $4,300. He highlights that this was from eight years ago in 2017, showing where the market was for the month of September and what happened after.
At the time, the market looks to be coming out of another bearish September, with the Bitcoin price trading below $5,000. However, the next few months, which were the last quarter of the year, turned out to be incredibly bullish for the Bitcoin price.
After September drew to a close, the month of October 2017 was significantly bullish, with the price quickly crossing the $5,000 threshold. In the next few months, the Bitcoin price ended up rising by over 200%, to reach a new all-time high of $19,000 before the 2018 bear market began.
Community Members Expect A Bitcoin Bull Run
Even though the post by the Binance founder read: “Not predicting the future. And don’t get too excited. A September in a past (my first) crypto cycle. Just data,” it did little to stop the speculation that followed. So far, the tweet has garnered more than 1 million views and 3,000 comments and quotes, with most predicting that the former Binance CEO is predicting a bull run.
One analyst points out that CZ had previously marked the local top and bottom and believes that the post is pointing out the concept of seasonality in the market. With CZ posting a chart that showed the Bitcoin price before it went on a bull run, the analyst believes that this could be the start of another run.
Another community member, Stygian, claims that CZ has been the one steering the market up or down, and that people can see it. However, another response goes against the grain, saying that what is happening now is simply wealth transfer and not the kind of rally that retail is expecting.
Despite the conversations that the post has triggered, the market continued to trend low, with Bitcoin skirting around $113,000 at the time of the post. With the opening of the new month, investors continue to anticipate a bullish rally for Bitcoin and the entire market.
Featured image from Dall.E, chart from TradingView.com
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