On July 5, Binance CEO Changpeng Zhao, popularly known as CZ, shared his prediction for the upcoming Bitcoin bull market during a Twitter Space session. CZ discussed BlackRock’s plans to enter the cryptocurrency industry. He also talked about ongoing legal activities against Binance and shared his predictions for the next bull run.
CZ highlighted the historical price trend of Bitcoin, which follows four-year bull cycles. He expressed his belief that this pattern will continue in the future. CZ emphasized the significance of the 2023 Bitcoin halving event but acknowledged his inability to predict the future. He mentioned that 2025 seemed to be the most probable year for the next bull market.
“The year after Bitcoin halving is usually the bull year“ said CZ.
CZ allayed concerns over BlackRock’s foray into the space of spot Bitcoin exchange-traded funds. He welcomed it and said it would be “hugely beneficial” for the cryptocurrency sector. Despite concerns about traditional finance’s entry into cryptocurrencies, CZ stated that BlackRock’s impact on Binance’s market share would be minimal. He mentioned the limited overlap between their customer bases.
CZ stated that Binance aims to prepare for increased trade volumes in the next 18 months. He also mentioned growing institutional interest in cryptocurrencies and the upcoming Bitcoin halving. These statements came after BlackRock CEO Larry Fink recently commended Bitcoin as an “international asset” and indicated that it might be used as a hedge against inflation and the depreciation of fiat currencies.
“Anyone who’s coming into crypto that’s not in crypto today will bring additional people into crypto. Will they compete for any of the existing users with us? Yes, probably a little bit. But to be honest, look at our user base. The overlap is minimal.”
Although he was unable to share specifics during the conference, CZ pledged to work toward a swift and amicable resolution regarding regulatory proceedings against Binance.
Overall, CZ’s forecast of a bull market in Bitcoin and his support of BlackRock’s entry into the cryptocurrency market show his optimism for the sector’s expansion and ongoing institutional interest.
