Binance CEO Predicts Bitcoin's $1M Rally Despite Market Crash

Binance founder Changpeng Zhao has expressed optimism about Bitcoin's (BTC) future, predicting a rally to $1 million despite the recent market crash. In a recent post on X, Zhao reassured investors, stating that "no need to panic, bitcoin won't die."

Zhao's bullish stance is supported by his previous accurate predictions. In December 2020, he forecasted Bitcoin reaching $100k when it was trading at just $20,000. This prediction proved accurate as BTC hit the $100K milestone within three years. Now, Zhao is projecting a rally to $1 million following BTC's recent surge past the significant $100k point.

Market experts have also provided technical analysis that reinforces Zhao's predictions. Altcoin Scholar identified that BTC is nearing a key rising trendline support and a significant horizontal trendline around $85k, which is crucial for Bitcoin's upward momentum. Similarly, Ufo Calls shared a bullish perspective, stating that Bitcoin is experiencing a temporary correction and will continue its upward trajectory.

However, not everyone shares Zhao's optimism. Bitcoin critic Peter Schiff has a contrasting view, forecasting a prolonged downturn for BTC. He believes that Bitcoin's dip below $90k is just the beginning of a larger decline, citing the calm entry into the bear market as a sign of the impending crypto winter.

As of press time, Bitcoin is trading at $89,083, marking a marginal surge of 0.15% in a day. Over the last week and month, BTC has experienced major dips of 7.4% and 9.8%, respectively. Despite its solid position in the crypto market, BTC's trading volume has plummeted by 10%, currently at $64.27 billion.