CZ Dismisses ETF Withdrawal, Predicts Bold $1 Million Bitcoin Value

Bitcoin continues to experience pressure with $222.64 million in outflows from U.S. spot ETFs, while Changpeng Zhao stands firm in his belief that the cryptocurrency could reach $1 million in value within the next decade.

In a recent conversation with Block, Zhao highlighted the limited global Bitcoin ownership, indicating that less than 1% of the population currently holds the cryptocurrency.

Zhao pointed out that the currently low rate of adoption leaves significant room for growth, as both retail and institutional investors gradually enter the market in various cycles.

Low ownership is crucial to Zhao’s optimistic view

In expanding on this perspective, Zhao forecasted that Bitcoin could rise to about $600,000 during the next major market cycle, indicating a fivefold increase from its present valuation. He further noted that simply doubling that price in the subsequent cycle could help Bitcoin reach the $1 million mark, asserting that this outcome is realistic if adoption continues on its upward trajectory.

Although Zhao admitted he couldn’t predict the exact timing of these objectives, he reiterated that long-term price appreciation will rely more on increasing ownership than on short-term market volatility. He emphasized that institutional engagement alongside continuous retail adoption could enhance Bitcoin’s price as ownership becomes more widespread.

Zhao’s comments come amidst ongoing debates around long-term Bitcoin price forecasts, as many market participants contend that a rise in global acceptance may lead to higher valuations in the future.

Institutional interest declines as technical barriers remain

While Zhao highlighted Bitcoin adoption’s long-term narrative, U.S. spot Bitcoin ETFs faced hurdles on June 30, witnessing $222.64 million in net outflows. Data from SoSoValue revealed that BlackRock’s IBIT was largely responsible for the withdrawals, accounting for $212.45 million during that timeframe.

Despite the outflows, cumulative net inflows for U.S. spot Bitcoin ETFs remained at $51.15 billion, with total net assets stable at $70.95 billion. Daily trading volume reached $2.53 billion, reflecting robust trading activity from investors despite the recent decline in fund flow.

The ETF withdrawals coincided with Bitcoin’s struggle to recover crucial technical levels. An analysis of the 4-hour chart shows the cryptocurrency trading around $60,100, slightly above the 23.6% Fibonacci retracement at approximately $60,065 and below Supertrend resistance at around $60,900. A descending trendline connecting lower highs since mid-June continued to restrict upward movements, putting sellers in control unless buyers can reclaim nearby resistance.

If buyers manage to break above the Supertrend and the descending trendline, Bitcoin could target the 38.2% Fibonacci level near $61,444, followed by the 50% retracement at $62,559. A sustained advance beyond these points might reveal the 61.8% Fibonacci level around $63,673, with the 78.6% retracement near $65,261 being the next significant bullish objective.

Conversely, breaking below the $60,065 Fibonacci support could heighten selling pressure towards the recent low around $57,835. A fall below this threshold would nullify the current rebound attempt, putting Bitcoin at risk for a more pronounced decline if buyers do not emerge.

Momentum indicators point towards an improvement in conditions. The MACD histogram has turned positive, and the MACD lines are starting to curl upwards, suggesting a decrease in bearish momentum even though a definitive bullish trend reversal has yet to be confirmed.

At present, Bitcoin’s short-term trajectory may depend on whether institutional demand resurfaces after the recent ETF outflows.

A recovery above close resistance could strengthen the case for a move towards the mid-$63,000 range, while another rejection may keep attention on support levels around $57,800. Meanwhile, Zhao’s $1 million prediction persists on a much longer timeline driven by the growing global ownership of Bitcoin rather than fleeting capital flows.