Changpeng Zhao (CZ), the CEO of Binance, conducted a routine Ask Me Anything (AMA) session on Twitter Space last week, discussing various hot topics in the current cryptocurrency market. During the session, he shared his views on the future market trends.
When asked about whether the bull market has arrived, CZ did not provide a definitive answer and stated that he is unsure if the market will follow historical patterns because “no one can predict the market.”
CZ further mentioned that based on historical trends, bull markets typically occur a year after the halving event. He predicted that the cryptocurrency price winter, including Bitcoin, could last at least 18 months (one and a half years). He also stated that Binance is actively preparing its trading systems to be ready for increased trading activity once the bull market arrives.
However, CZ also expressed optimism by highlighting recent improvements in trading volumes compared to the bleak period following the FTX crash in November last year. Factors such as newly approved Bitcoin spot ETFs and the Bitcoin reward halving event expected in mid-2024 contribute to the positive outlook.
Bull Market Expected in 2025
Last month, analysts from JPMorgan Chase expressed their optimism that the Bitcoin reward halving in 2024 would drive price increases. They suggested that if the market treated Bitcoin (BTC) and gold as equal parts of an investment portfolio, the Bitcoin price could potentially reach $45,000.
Although CZ emphasized the unpredictability of prices and warned about the dangers of Bitcoin price volatility, he still believes that 2025 will be a crucial period for the cryptocurrency market’s return to a bull market. He even suggested that Bitcoin might surpass its previous all-time high at the end of 2021 (around $68,000).
By observing past Bitcoin cycles in 2013, 2017, and 2021, CZ noted several similarities between bull markets. He pointed out that there are clear patterns when looking back at history.