Binance CEO Changpeng Zhao said investors who bought Bitcoin on the ‘Bitcoin is dead’ headlines historically did well.

Cryptoassets are a highly volatile unregulated investment product.

Bitcoin Bear Market

Every time Bitcoin lost significant value, the naysayers yelled that Bitcoin is a bubble or even that Bitcoin is dead. Bitcoin Obituaries has kept a count of the number of times the headlines stated that Bitcoin is dead and is currently at 455. Since reaching an all-time high (ATH) of $69,000 in November 2021, Bitcoin has lost almost 75% of its value. So naturally, the naysayers are yelling that Bitcoin is going to zero.

But it’s not only a few negative people who are bearish about Bitcoin’s price. The fear-and-greed index, which measures the crypto market’s sentiment toward Bitcoin’s price, has revealed that investors are in extreme fear.

The index shows that the market has been in extreme fear since last month, and is currently at a rating of 9. To put that into perspective, a 9 rating means that investors are more scared now than they have been at any point in the last year, apart from 18 June 2022, when the index reached 6. In fact, the market has experienced such low ratings only a few times since Bitcoin’s inception.

CZ Binance Is Optimistic About Bitcoin

Instead of dwelling on Bitcoin’s price slump, Binance CEO Changpeng Zhao has seen the bright side of things. Zhao tweeted to his 6.4 million followers, ‘Historically speaking, if you bought #bitcoin every time there is a “bitcoin is dead” headlines, you would have done well. Logic: when they lose hope, that’s when the bottom is in. NFA. NOT recommending this or any strategy for the future.’

Zhao was just stating facts, not saying that Bitcoin will reach new ATHs. But history has shown that when the market is bearish, that’s when cryptos tend to reverse and investors buy cryptos. The fear-and-greed index has revealed that most investors are bearish about the market, so we’ll have to see if now is the time to invest in Bitcoin. The good news is that Bitcoin hasn’t had a significant retrace since crashing from its ATH. We’re due for a Bitcoin retrace, but we’ll have to see how high it could go.

Cryptoassets are a highly volatile unregulated investment product.

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