With the world`s No. 1 cryptocurrency, Bitcoin, recovering its psychological barrier of $7,000, some analysts say the market has ended.
Changpeng Zhao, who has considerable influence on the cryptocurrency community, is also one of the leading analysts with optimistic prospects.
According to Ethereum World News, a media outlet specializing in cryptocurrency, on August 31 (local time), the founder and CEO of the world's largest fixed-money exchange, Changpeng Zhao said on August 29.
But after a while Zhao deleted the Twitter account, Zhao explained, "Tweets are spreading too fast and I was worried that the market would accept them as signals, suggestions and speculation." Zhao added that he did not change his thoughts or views, but merely tried to stop his opinions from being used as grounds for exaggerated conclusions.
"I'm always a strong advocate of cryptocurrency, and I think we're in the strong market," said Zhao.
According to Coin Marketcap, a market share website for foreign cryptocurrency, the global bitcoin price is around $7100 as of 8 p.m. on September 1 (Korea time). Major Alt-Coins such as ETH, Ripple (XRP), Bitcoin Cache (BCH), and EOS are also showing signs of improvement.
Currently, many experts of cryptocurrency are positive about the market as expected by CEO Zhao. If major cryptocurrency can maintain low volatility and stable momentum over the next few weeks, Bitcoin is optimistic about the market, saying it could break through the major resistance line of $8,000 to $9,000. On the other hand, some experts point out that Bitcoin may not exceed major resistance levels in the $7,000.