- Zhao believes Bitcoin’s current peak may become future benchmark low.
- Bitcoin price hits $122,156, over 122 times 2017 milestone.
- Institutional investment continues driving Bitcoin’s long-term value reassessment upward.
Bitcoin’s recent surge to a new all-time high has drawn fresh commentary from Binance co-founder Changpeng Zhao. He believes the current price level may appear minor when viewed in the future, much like past milestones that now seem relatively minor.
According to Zhao, who shared his view on the social media platform X, Bitcoin’s journey has consistently shown that former all-time highs often fade into insignificance.
He recalled buying Bitcoin in 2014 and holding it until its price crossed $1,000 in 2017, a major milestone for the cryptocurrency market.
As of the reporting date, the price of Bitcoin was $122,156, exceeding by more than 122 times the $1,000 benchmark that once marked a turning point for the asset.
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Zhao notes this at a time when numerous investors are considering whether the Bitcoin price range will still be substantial in the long term chart.
The approval and listing of several spot Bitcoin ETFs have largely contributed to the recent surge in Bitcoin. That regulatory development drew institutional investors, greatly enhancing market demand.
This steep rise in activity has been essential in driving Bitcoin’s value to yet another high of $123,090 on Monday.
Institutional Support Driving Long-Term Price Reassessment
Since the approval of spot Bitcoin ETFs by the SEC in early 2024, Bitcoin has gained over 215 percent. Market analysts credit this rise to increased institutional adoption, which has reshaped investor confidence and market behavior.
This institutional backing is leading some observers to revisit how Bitcoin’s price should be evaluated. As large entities continue to buy and hold Bitcoin, the definition of what constitutes a peak may evolve.
Zhao’s statement aligns with this view, suggesting that current highs could eventually serve as support levels in a larger upward movement.
The pace at which Bitcoin’s historical highs become outdated has accelerated in recent years. Growing interest from traditional financial institutions and regulatory clarity are contributing to this shift.
With broader adoption underway, the digital asset’s future valuation could surpass many current expectations.
Conclusion
Changpeng Zhao’s latest comments point to a broader shift in how Bitcoin’s value is perceived over time. As institutional involvement grows and price levels rise, current peaks may become benchmarks of the past. Bitcoin’s trajectory continues to challenge traditional views on market cycles and long-term potential.
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