CZ: Bitcoin’s 50% pullback still outperforms previous cycles; past all-time highs may become future support levels

CoinFeed, June 20 – Binance founder CZ said in a recent Galaxy interview that Bitcoin has pulled back about 50% from its previous all-time high of around $125,000. CZ noted this is much better than the massive 80% drawdowns often seen in past cycles. Compared to four years ago (the Luna collapse in 2022 and the bottom of around $16,000 touched when FTX went bankrupt in November of the same year), the current price is still about 4 to 5 times higher. The biggest difference from four years ago is the U.S. government’s dramatic shift from waging a “war” on crypto to being supportive, taking the lead globally in establishing a regulatory framework and prompting other countries to follow suit.