Bitcoin continues to face short-term selling pressure as U.S. spot Bitcoin exchange-traded funds (ETFs) recorded another day of significant outflows. However, former Binance CEO Changpeng Zhao (CZ) remains firmly optimistic about the cryptocurrency’s long-term future, arguing that Bitcoin could eventually reach $1 million as global adoption continues to grow.
While institutional investors pulled funds from Bitcoin ETFs, Zhao believes the market is still in its early stages, with worldwide ownership remaining far below its full potential.
CZ believes Bitcoin adoption is still in its early days
In a recent interview with Block, Zhao pointed out that less than 1% of the global population currently owns Bitcoin.
According to him, this low adoption rate represents Bitcoin’s biggest long-term growth opportunity. As more retail investors, institutions, and even governments begin adopting digital assets, demand could increase significantly over the coming years.
Rather than focusing on short-term price swings, Zhao believes Bitcoin’s future will largely depend on how ownership expands across the world.
Bitcoin could reach $1 million over the next decade
Based on his adoption thesis, Zhao believes Bitcoin could rise to approximately $600,000 during the next major market cycle.
From there, he argues that only another doubling in price would be needed for Bitcoin to eventually reach the $1 million milestone.
Although he avoided predicting an exact timeline, Zhao said the target appears achievable if adoption continues to increase steadily over multiple market cycles.
His comments add to the growing list of long-term bullish forecasts made by prominent figures within the cryptocurrency industry, many of whom believe increasing institutional participation and wider public adoption will continue driving Bitcoin’s value higher.
ETF outflows weigh on short-term sentiment
While Zhao remains focused on Bitcoin’s long-term outlook, institutional investment slowed at the end of June.
According to data from SoSoValue, U.S. spot Bitcoin ETFs recorded $222.64 million in net outflows on June 30.
The largest withdrawal came from BlackRock’s iShares Bitcoin Trust (IBIT), which saw investors pull approximately $212.45 million during the trading session.
Despite the daily outflows, the broader ETF market remains healthy.
Cumulative net inflows across all U.S. spot Bitcoin ETFs still stand at approximately $51.15 billion, while total assets under management remain close to $70.95 billion.
Trading activity also remained strong, with daily ETF volume reaching roughly $2.53 billion, suggesting investor interest has not disappeared despite the recent withdrawals.
Bitcoin struggles below key resistance
From a technical perspective, Bitcoin continues to trade beneath important resistance levels.
On the four-hour chart, the cryptocurrency is trading near $60,100, slightly above the 23.6% Fibonacci retracement level around $60,065, but still below the Supertrend resistance near $60,900.
A descending trendline that has been forming since mid-June continues to cap every recovery attempt, indicating that sellers remain in control for now.
If buyers manage to push above both the Supertrend indicator and the descending trendline, Bitcoin could target several higher resistance levels:
- $61,444 (38.2% Fibonacci retracement)
- $62,559 (50% Fibonacci retracement)
- $63,673 (61.8% Fibonacci retracement)
- $65,261 (78.6% Fibonacci retracement)
A successful breakout above these levels would significantly improve Bitcoin’s short-term outlook.
Support remains near $57,800
On the downside, Bitcoin’s immediate support sits around $60,065.
If that level fails, selling pressure could increase toward the recent swing low near $57,835.
A break below that support would weaken the current recovery attempt and potentially trigger a deeper correction unless buyers return quickly.
Momentum shows early signs of improvement
Despite the cautious price action, some technical indicators suggest bearish momentum may be easing.
The MACD histogram has turned positive, while the MACD lines have started moving upward, indicating that buying momentum is slowly improving.
However, analysts caution that these signals do not yet confirm a full bullish reversal, as Bitcoin still needs to reclaim major resistance levels before a sustained uptrend can begin.
Outlook
Bitcoin remains caught between two opposing forces.
In the short term, ETF outflows and technical resistance continue to weigh on price action, preventing the cryptocurrency from breaking higher.
Over the longer term, however, Changpeng Zhao remains confident that expanding global adoption could drive Bitcoin toward $600,000 in the next major cycle and eventually $1 million in the years ahead.
For now, traders will be watching whether institutional demand returns after the recent ETF withdrawals. A breakout above current resistance could pave the way for a move toward the mid-$63,000 range, while failure to hold support may lead to another test of the $57,800 level.
