2023-7-7 20:48 |
Bitcoin is changing hands for over $30,000 per coin as institutional capital floods into the market following a number of high-profile exchange-traded fund filings.
But when will the bellwether cryptocurrency enter a new super-bullish cycle?
Binance CEO Changpeng “CZ” Zhao recently shared his prediction for the next parabolic Bitcoin bull run while giving his thoughts on BlackRock’s giant entry into the crypto market.
Relentless BTC Bull Run Likely After Halving: ZhaoBinance chief executive officer Changpeng Zhao has revealed when he expects the onset of the next major bull run.
Speaking during a Twitter AMA session on July 5, Zhao noted that the price of bitcoin has typically moved in four-year-long cycles, and he believed this trend would likely continue. Although the Binance chief acknowledged that he could not predict the future accurately, Zhao maintained that 2025 would be the most likely year for the next majestic bull market as it will be the year after the next Bitcoin halving event. “The year after Bitcoin halving is usually the bull year,” CZ said.
True to form, BTC tends to chalk out massive gains in the months after halving the mining rewards. The fourth halving is due in early 2024.
During the “ask me anything” session, Zhao also said that BlackRock’s recent foray into the spot bitcoin exchange-traded fund territory is “hugely beneficial” for the nascent cryptocurrency industry.
BlackRock, the world’s largest asset manager with $9.5 trillion under management, applied to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) a few weeks ago.
Pundits think the odds are in favour of the financial giant, which is almost unbeaten when going up against the SEC, at 575-1, as nearly every single one of its ETF filings has received a green light.
Bitcoin may be far below the all-time high of $69,044 it registered in November 2021, but this much is undeniable: It had transcended expectations in 2023 by jumping over 85% since the beginning of the year when it was trading at around $17,000. BTC has spiked by circa 20% since BlackRock’s spot ETF filing, wildly as more companies rushed to submit their applications.
Zhao further dismissed some worries that BlackRock could take up Binance’s market share in the course of time, noting that the overlap between their respective customer bases was “minimal.”
“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.”
For Zhao, the heightened institutional demand and Bitcoin’s forthcoming halving are the two key factors why Binance aims to be “prepared for higher [trading] volumes” in the coming eighteen months.
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