Relentless BTC Bull Run Likely After Halving: Zhao
Binance chief executive officer Changpeng Zhao has revealed when he expects the onset of the next major bull run.
Important Points
- Binance CEO CZ predicts the next parabolic Bitcoin bull run to occur in 2025, following the next Bitcoin halving event in 2024.
- BTC typically experiences massive gains after halving the mining rewards, which aligns with CZ’s prediction for the next bull market.
- CZ views BlackRock’s entry into the spot Bitcoin ETF territory as hugely beneficial for the cryptocurrency industry.
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. 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.
Binance CEO Changpeng “CZ” Zhao has shared his prediction for the next parabolic Bitcoin bull to happen in 2025
— whalechart (@WhaleChart) July 6, 2023
Zhao’s Stance on Bitcoin
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 favor 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 Predictions
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.
