Key Insights:
- CZ predicts Bitcoin could hit between $500K and $1M this bull cycle, rallying nearly 959% from its current $94,457 price.
- If Bitcoin reaches $1M, its market cap would surpass $19.8T, approaching gold’s current $22T valuation.
- Bitcoin ranges between $93,600 and $95,200, offering scalping setups until a volume-backed breakout occurs.
Bitcoin price remains at the center of bullish market discussions. Former Binance CEO CZ predicts it could surge to $1 Million in this cycle. With current market activity reflecting consolidation, traders and analysts weigh future moves.
CZ Predicts a 959% Rally Toward a Seven-Figure Bitcoin Price
Changpeng Zhao (CZ) predicted that the BTC price could reach a new all-time high. He estimates the price could rise between $500K and $1 Million in this bull market.
At the time of the prediction, Bitcoin was hovering around $94,457. If the asset were to hit the $1 Million mark, it would represent a gain of nearly 959% from current levels.
CZ shared his Bitcoin price projection during a RugRadio podcast interview. He emphasized that the current cycle remains bullish despite not reaching its peak yet.
The former Binance executive acknowledged that the BTC price could reach seven figures in this cycle. However, he did not specify an exact timeline for this prediction.
CZ previously made similar predictions, including one in February. He forecasted that Bitcoin would hit a $1M ATH before slightly retracing to $985,000.
In addition, his comments are made when institutions increase their involvement in Bitcoin, and the top crypto is gaining wider acceptance. Spot Bitcoin ETFs are seeing increased adoption, boosting the asset’s appeal.
Sovereign nations are also embracing Bitcoin, further strengthening its presence. Additionally, Bitcoin’s use in payments continues to grow, reinforcing its long-term potential.
It would also depend on the liquidity level and other macroeconomic factors expected to dominate at the projection time.
Market Cap Could Near Gold’s Valuation at $1 Million Per Bitcoin
More so, if Bitcoin price reaches $1 Million, its market capitalization would be approximately $19.8 Trillion. This would place it in a position to get near the approximate market value of gold, estimated to be over $22 Trillion.
This reinforces Bitcoin’s narrative as digital gold and a store of value. Scarcity and diversification are frequently discussed. Bitcoin currently has a circulation of about 19.7 million coins. To reach a price of $1 Million per coin, its total market value would need to exceed $18 Trillion.
A massive capital inflow depends on increasing cryptocurrency adoption worldwide. The conversion of fiat money to crypto-assets must also rise significantly.
Historical market cycles show large-scale adoption tends to accelerate in late-stage bull runs, especially after regulatory clarity or macroeconomic shifts.
Global Crypto Market Forecast to Reach $5 Trillion in Ongoing Cycle
In addition to Bitcoin, CZ also saw more expansion in the cryptocurrency market. He estimated the global digital asset market could be at $5 Trillion by 2025, or after the traditional four-year bull run.
In this regard, CZ referred to this outlook on the growing significance of tokenization, DeFi, and blockchain in the financial space. The total market capitalization of all the cryptocurrencies is less than $3 Trillion, and Bitcoin and Ethereum dominate it.
A $5 Trillion valuation would be a notable increase and signify that new sectors and jurisdictions are investing more.
Bitcoin Price Trading in a Tight Range
However, despite the bullish long-term predictions, BTC price is range-bound between $93,600 and $95,200 in the short term.
Crypto analyst Trader Tardigrade notes that the asset has been trading in a horizontal range. This pattern suggests consolidation with uncertainty or potential preparation for a new trend.
According to the technical analyst, such price behavior offers opportunities for short-term traders who employ range strategies. These strategies involve buying at the lower end of the band and selling near the upper limit until a breakout occurs.
The Charts shared by Trader Tardigrade suggested that the Bitcoin price has respected this defined range, presenting opportunities for scalping. Nevertheless, the analyst is watching for a volume-backed move beyond either end of the range.
A breakout of BTC price above $95,200 could lead to further gains and new local highs. However, a drop below $93,600 may indicate short-term weakness in the market.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
