Binance Founder Changpeng Zhao Predicts BTC Rally To $1M Despite Recent Crash

Bitcoin (BTC) dipped below the significant $90k support in the latest crypto market crash, sparking investor concerns. However, assuring investors, Binance CEO Changpeng Zhao offered a positive outlook. Notably, CZ predicted that Bitcoin would rebound and eventually reach $1 million.

In stark contrast, Bitcoin critic Peter Schiff forecasted a prolonged downturn for BTC, viewing the recent dip as merely the beginning of a larger decline. While traders and investors remain cautious, let’s unveil what the current bearish dip could mean for BTC.

Changpeng Zhao Remains Bullish on Bitcoin’s $1M Rally

In response to the recent crypto market turmoil, Binance founder Changpeng Zhao wrote on X, “No need to panic, bitcoin won’t die.” CZ’s words of encouragement sparked a ripple effect, as the community reflected on his hopeful outlook.

Significantly, Changpeng Zhao’s bullish perspective was reinforced by a bold prediction of Bitcoin’s future journey. In an X post, CZ projected BTC’s rally to an ambitious $1,000,000 following its recent surge past the significant $100k point. In a playful post, CZ wrote, “Waiting for the new headline: Bitcoin “CRASHES” from $1,001,000 to $985,000.”

Changpeng Zhao’s Crystal Ball: What’s After $100K Bitcoin?

Notably, Changpeng Zhao’s recent $1M prediction comes on the heels of his previous prediction of Bitcoin reaching $100k. On December 17, 2020, CZ posted a message on X, urging his followers to save it for future reference. The post read, “Waiting for the new headline: Bitcoin “CRASHES” from $101,000 to $85,000.”

In a stunning display of foresight, CZ predicted Bitcoin’s rally to $100,000 when the crypto was trading at just $20,000. This bold forecast has proven remarkably accurate, with BTC reaching the $100K milestone within an impressive three-year timeframe. Given CZ’s impressive track record, his latest $1M projection for BTC is undoubtedly worth attention.

Recently, Changpeng Zhao reflected on the $1.4 billion Bybit hack, prioritizing security. According to CZ, halting withdrawals is essential following a hack to ensure safety.

BTC Price Sets the Stage for a Major Rally

Reinforcing Changpeng Zhao’s predictions, market experts provide technical analysis that highlights Bitcoin’s future rally. For instance, Altcoin Scholar identified that BTC is nearing a key rising trendline support and a significant horizontal trendline. This point, which is marked around $85k is crucial for Bitcoin’s upward momentum.

Similarly, Ufo Calls, another prominent crypto voice on X, shared a bullish perspective despite BTC’s slip below the $90k level. According to the analyst, Bitcoin is currently experiencing a temporary correction. They added that Bitcoin would rebound and continue its upward trajectory.

Peter Schiff Challenges CZ’s Bullish View

In contrast to Changpeng Zhao’s optimistic prediction, Peter Schiff, a vocal skeptic of Bitcoin, cited, “Turn out the lights, the Bitcoin 100K party is over.” Schiff noted that Bitcoin’s entry into the bear market was surprisingly calm, rather than chaotic.

According to him, this subdued reaction may actually underscore the severity of the impending crypto winter. Deeming Bitcoin’s dip below $90k as just the starting point of a longer bearish trend, he stated, “The Bitcoin bear market is not over, but just getting started.”

As of press time, Bitcoin is trading at $87,578, marking a 1.91% decrease in a day. Over the last week and month, BTC has experienced major dips of 9.07% and 13.58%, respectively. Despite its solid position in the crypto market, BTC’s trading volume plummeted by 24.11%, currently at $58.99 billion.