Bitcoin remained under pressure after US ETFs recorded outflows of $222.64 million, while Changpeng Zhao reiterated his belief that the cryptocurrency could reach $1 million over the next decade.
summary
- Changpeng Zhao says Bitcoin could reach $1 million as global ownership remains below 1%.
- US-based Bitcoin ETFs recorded $222.64 million in net outflows, led by BlackRock’s IBIT.
- Bitcoin is trading below the major resistance level, with $57.8K support and $63.7K-$65.3K as upside targets.
According to an interview Zhao conducted with Block, the Binance founder argued that Bitcoin ownership is still very limited worldwide, with less than 1% of people currently owning the asset.
The low level of adoption leaves plenty of room for future demand as more individual and institutional investors enter the market over multiple cycles, he said.
Low ownership remains a central element of Zhao’s bullish outlook
Based on this argument, Zhao said Bitcoin could rise to around $600,000 during the next major market cycle, representing a roughly five-fold increase from current levels. Another cycle would only need to double that valuation for Bitcoin to reach $1 million, he added, describing the scenario as achievable if adoption continues to expand.
Although Zhao admitted that he could not predict exactly when these milestones would be achieved, he emphasized that price increases in the long term would depend more on rising ownership than on market speculation in the short term. He also noted that institutional participation, coupled with continued retail adoption, could support Bitcoin’s value over time as ownership spreads more widely.
Zhao’s comments come as the long-term outlook for Bitcoin prices remains a recurring theme across the digital asset industry, with many market participants continuing to argue that growing global acceptance could support higher valuations over the coming years.
Institutional demand pauses as technical resistance holds
While Zhao focused on the long-term Bitcoin adoption story, US Bitcoin ETFs saw a setback on June 30 after recording net outflows of $222.64 million. Data from SoSoValue showed that BlackRock’s IBIT accounted for the largest withdrawal, recording $212.45 million in net outflows during the session.
Even with daily withdrawals, cumulative net flows across US spot Bitcoin ETFs reached $51.15 billion, while total net assets remained at $70.95 billion. Daily trading volume reached $2.53 billion, indicating investors continue to trade actively despite the temporary decline in fund flows.
The ETF withdrawals also coincided with Bitcoin struggling to regain key technical levels. On the 4-hour chart, the cryptocurrency traded near $60,100, just above the 23.6% Fibonacci retracement near $60,065, while remaining below supertrend resistance near $60,900. A downtrend line connecting lower highs since mid-June has continued to cap rallies, leaving sellers in control unless buyers reclaim nearby resistance.
If buyers can break above the supertrend and downtrend line, Bitcoin could target the 38.2% Fibonacci level near $61,444, followed by $62,559 at the 50% retracement. A sustained move beyond those barriers would expose the 61.8% Fib level near $63,673, with the 78.6% retracement near $65,261 becoming the next major upside target.
On the downside, a loss of Fibonacci support at $60,065 could increase selling pressure towards the recent swing low around $57,835. A break below this level would nullify the current rebound attempt and leave Bitcoin vulnerable to a deeper decline if buyers fail to intervene.
But momentum indicators indicated improvement in conditions. The MACD histogram has turned positive and the MACD lines have begun to curve upward, indicating that the downward momentum is fading even though a confirmed uptrend reversal has not yet developed.
For now, Bitcoin’s short-term direction may depend on whether institutional demand returns following recent ETF outflows.
A recovery above nearby resistance could strengthen the case for a move towards the mid-$63,000 region, while another rejection could keep interest on support near $57,800. Meanwhile, Zhao’s $1 million forecast is still based on a much longer timeline driven by rising global Bitcoin ownership rather than short-term fund flows.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
