Bitcoin Surges 6% to $118,010 as CZ Predicts $1 Million Price

Binance founder Changpeng Zhao, commonly known as CZ, recently shared his insights on the Bitcoin price rally, offering advice to those who missed the opportunity to buy during the recent surge. CZ emphasized that Bitcoin is still in a dip, aligning with his previous predictions about the cryptocurrency's price trajectory.

In a post on July 11, CZ suggested that individuals who missed the chance to purchase Bitcoin during previous dips will have future opportunities to do so. He explained that charts for tradable assets, including Bitcoin, do not move in a straight upward line and that dips are inevitable before hitting new all-time highs (ATHs).

CZ believes that Bitcoin is currently in a dip and has previously predicted that the price could reach $500,000 to $1 million during this cycle. This prediction is based on the massive adoption of Bitcoin by Wall Street firms, hedge funds, Bitcoin ETFs, and governments. He has consistently advised investors to include Bitcoin in their portfolios to diversify their holdings.

The price of Bitcoin has continued to rise, supported by liquidity from the Global M2 money supply. With a limited number of bitcoins available and the potential for infinite fiat printing, the demand for Bitcoin remains strong. This dynamic has contributed to the cryptocurrency's recent price movements.

Bitcoin's price has shown significant volatility, with a recent surge to $116,700 in just three minutes. This rapid increase suggests that Bitcoin is attempting to reclaim its directional relationship with the global M2 money supply. The price of Bitcoin is currently trading at $118,010, reflecting a more than 6% increase over the past 24 hours. The 24-hour low and high for Bitcoin were $110,660 and $118,410, respectively.