CZ and some analysts are optimistic about Bitcoin's price. | Source: CCN.
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CZ says Bitcoin’s slump won’t last.
Wintermute warns the bottom may not be in yet.
Some analysts still see Bitcoin reaching $250,000 by 2028.
Former Binance CEO Changpeng Zhao has spoken out to reassure Bitcoin holders, claiming the falling asset won’t stay “dead” for long.
The optimism comes after trading firm Wintermute warned that deteriorating market conditions could drive further losses for the price.
Despite the downturn, some analysts have remained optimistic about Bitcoin’s short-term prospects, with forecasts calling for it to potentially climb to $250,000 before its next halving event in 2028.
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Zhao’s optimism follows previous comments calling for a more upbeat market outlook.
Speaking in a May interview with ARK Invest, CZ said he believed the current cycle could recover faster than previous crypto bear markets.
“I’m still very hopeful that this year might turn out different,” Zhao said.
Adding: “This recovery might be slightly faster than the historic bear market recoveries.”
He argued that institutional adoption of Bitcoin exchange-traded funds would help reduce price volatility over time.
“Most institutions are long-term holders,” Zhao said. “When they get in, they don’t get out within a month. They will hold for multiple years.”
Zhao also pointed to Trump as a possible reason why Bitcoin would recover.
“He (President Donald Trump) views the stock market as his benchmark,” Zhao said.
Adding: “He’s going to do everything in his power to improve the stock market. When the stock market does well, crypto will do well.”
Wintermute Less Hopeful
Algorithmic trading firm Wintermute warned that Bitcoin may still have further to fall, saying the market had yet to show clear signs of a bottom.
The firm said Bitcoin’s break below prior support left the token with few obvious technical levels to lean on, after it spent little time in the $50,000 to $59,000 range during its 2024 rally.
“We’re not calling the bottom here, because there’s no sign of inflows returning and the macro is still difficult,” Wintermute said.
The crypto market’s weakness coincided with a selloff in artificial intelligence-related equities, the firm said.
During the week, the Nasdaq fell 4.7% while the S&P 500 recorded its first weekly decline since March.
Wintermute also suggested that investors may also be positioning ahead of several large initial public offerings, including a widely anticipated SpaceX listing expected on June 12.
The firm said the next test for risk appetite would be whether those listings are absorbed smoothly or will expose further exhaustion.
Strategy Sale Adds to Market Anxiety
Bitcoin’s latest leg lower was accelerated by news that Michael Saylor’s Strategy sold 32 BTC between May 26 and May 31, marking the company’s first bitcoin sale since 2022.
While the transaction was insignificant relative to Bitcoin’s market capitalization, Wintermute said its symbolic importance had weighed on investor confidence.
“32 BTC is immaterial,” the firm wrote.
Adding: “Saylor selling for the first time in four years, into a market already bleeding flows, is not.”
The company noted that Bitcoin exchange-traded funds experienced ten consecutive trading sessions of outflows through May 30, totaling nearly $3 billion.
With Bitcoin having spent little time between $50,000 and $59,000 during its 2024 rally, the firm said there are few obvious technical support levels below current prices.
Bullish Bitcoin Long-Term Price Forecasts Remain
Despite the recent weakness, some market commentators remain highly optimistic.
Motley Fool analyst Neil Patel forecast that Bitcoin could rise nearly 290% from around $64,000 to reach $250,000 before the next halving event, expected in April 2028.
Patel argued that Bitcoin’s core fundamentals remain intact, citing continued network security, robust transaction volume, and increasingly favorable regulatory treatment in the US.
He also highlighted Bitcoin’s historical four-year market cycle, noting that each halving has been followed by substantial long-term price growth.
“Assuming the rate of return continues to decelerate, Bitcoin’s price could be trading around $250,000 at the next halving,” Patel wrote.
Patel added that AI could also eventually become a tailwind for Bitcoin.
“If AI advances as industry optimists hope, the market will recognize the need for a decentralized, digital, and scarce medium of exchange and store of value,” he said.
Patel said this could put the spotlight back on Bitcoin.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
