CZ maintains US$1M Bitcoin outlook
- Binance founder Changpeng Zhao said Bitcoin could eventually reach US$1 million as global ownership remains below 1%.
- His comments came as US spot Bitcoin ETFs recorded US$222.64 million in net outflows, led by BlackRock's IBIT.
- Analysts said Bitcoin remains at a key technical level, with institutional fund flows and resistance levels likely to influence near-term price direction.
Bitcoin (CRYPTO:BTC) could eventually reach US$1 million if global adoption continues to expand, according to Binance founder Changpeng Zhao, who said fewer than 1% of people worldwide currently own the cryptocurrency.
Zhao said Bitcoin could rise to around US$600,000 during the next major market cycle before potentially reaching US$1 million in a later cycle as retail and institutional ownership increases over time.
“I think Bitcoin can reach US$1 million,” said Binance founder Changpeng Zhao.
His comments came as US spot Bitcoin exchange-traded funds recorded US$222.64 million in net outflows on June 30, with BlackRock's iShares Bitcoin Trust accounting for US$212.45 million of the withdrawals, although cumulative net inflows remained at US$51.15 billion, according to SoSoValue.
Bitcoin traded near US$60,100 while remaining below key technical resistance around US$60,900, with analysts identifying potential upside targets near US$63,673 and US$65,261 if buyers regain momentum, while support is centred around US$57,835.
Technical indicators showed bearish momentum easing, with the MACD histogram turning positive, although analysts said a confirmed trend reversal has yet to develop.
Analysts said Bitcoin's short-term direction is likely to depend on whether institutional demand returns following the recent ETF outflows, while Zhao's long-term forecast is based on continued growth in global cryptocurrency ownership rather than near-term market movements.
At the time of reporting, Bitcoin price was $60,412.62.
