Binance Co-Founder CZ Encourages Investors to ‘Buy the Dip’ as Bitcoin (BTC) Price Plummets

Changpeng “CZ” Zhao, co-founder and former CEO of Binance, recently sent a message to his 9.4 million followers on X (formerly Twitter).

Binance co-founder and former CEO Changpeng “CZ” Zhao has a message for his 9.4 million followers on X (NYSE:TWTR) as traders brace for 'buy the dip' opportunities amid market downturns.

Bitcoin price crashed to as low as $89,940 on January 13, according to CoinMarketCap data, marking its lowest price since November 2024. Bearish BTC predictions have surfaced, with some analysts forecasting a drop to $70,000 in the short term, although they remain bullish in the long run.

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In an X post, CZ reminded investors that once the market rebounds, they will wish they had bought BTC sooner and ignored the fear, uncertainty, and doubt (FUD). He highlighted the significance of holding assets and buying more during dips, essentially taking action when opportunities arise.

“Today is earlier than all the days to come,” CZ concluded his post with a disclaimer: “Not financial advice.”

Bitcoin is currently trading down about 12.46% from its all-time high of $108,000 reached last month. However, Fundstrat's Tom Lee told CNBC's Andrew Ross Sorkin that this correction is normal for Bitcoin. He also predicted that BTC will reach $250,000 by the end of the year.

Bitcoin Price Analysis:

The Crypto Fear and Greed Index is now at 46, indicating a neutral market sentiment. Last week, the index was at 66, signaling 'greed.' Bitcoin's failure to stay above $100,000 has shaken investors' confidence.

Bitcoin’s price action is now at the lower end of the Bollinger Bands, a bearish signal for the market leader. At the same time, the Relative Strength Index (RSI) for BTC is at 47.21, suggesting that sellers currently dictate its price movements.

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