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The crypto market was again shocked by the sharp decline of Bitcoin, which recently fell below the key support level of $90,000, triggering a wave of concern among investors. In this uncertain situation, Binance CEO Changpeng Zhao (CZ) has emerged with an optimistic outlook, while Bitcoin critic Peter Schiff has warned of a deeper slump.
With traders and investors still weighing their moves, let’s examine the implications of this bearish turmoil for Bitcoin’s future.
Changpeng Zhao: Bitcoin Heading for $1 Million
Waiting for the new headline: #Bitcoin “CRASHES” from $1,001,000 to $985,000.
Save the tweet. https://t.co/gLWGtUvYoJ
— CZ
BNB (@cz_binance) February 25, 2025
Amid market turbulence, Changpeng Zhao, founder of Binance, tried to ease the panic. In an upload on X, he wrote, “There is no reason to worry, Bitcoin will live on.” This statement was a breath of fresh air for the crypto community, which was plagued by uncertainty. CZ even went further with a bold prediction: Bitcoin, which once broke through $100,000, is believed to soar to $1 million in the future.
CZ’s confidence is not unfounded. In December 2020, when Bitcoin was still trading in the $20,000 range, he predicted an increase to $100,000—a prediction that proved to be correct three years later. Given his track record, the latest projection that Bitcoin will reach seven digits is certainly eye-catching. In another tweet, CZ also touched on the $1.4 billion Bybit hacking incident, emphasizing that the move to delay post-attack fund withdrawals is key to protecting users.
Technical Analysis: Rally Opportunities in Sight?
CZ’s bullish view is supported by a number of technical analysts., for example Altcoin Scholar on his X noted that Bitcoin is now approaching the main uptrend line and an important horizontal support level around $85,000.
According to him, this zone could be the foothold for the next big surge. Another analyst, Ufo Calls, also remains positive despite Bitcoin slipping below $90,000. He sees this decline as a temporary correction before Bitcoin returns to an upward path.
Peter Schiff: The Beginning of a Long Bear Market
However, not everyone agrees. Peter Schiff, a well-known Bitcoin critic, sees this decline as a bad sign. In his tweet on X on February 25, 2025, he stated, “The $100,000 Bitcoin party is over.” Schiff highlighted that the transition to a bear market occurred without major turmoil or panic, which he said actually indicated the beginning of a more prolonged decline. “This is not the end, but rather the beginning of a bear market for Bitcoin,” he said.
As of February 27, 2025, Bitcoin was trading at $85,578, down 1.91% in the last 24 hours. In a week, this asset plummeted 9.07%, and in the last month, its price fell 13.58%. Trading volume also shrank 24.11% to $58.99 billion, although Bitcoin continues to dominate the crypto market. This drop below $90,000 reinforces Schiff’s bearish narrative, but also opens up room for optimism from CZ and technical analysts.
What Does This Decline Mean?
Bitcoin’s decline this time reflects a battle of narratives between hope and fear. For CZ and his supporters, the $85,000 level is a strategic point for accumulation before the next big rally. Schiff, on the other hand, sees it as evidence that the Bitcoin bubble is starting to burst. Meanwhile, traders and investors still seem to be taking a cautious approach, waiting for clearer signals from the market.
With global uncertainty and events such as the Bybit hack still looming, the future direction of Bitcoin remains a puzzle. Will CZ’s prediction come true again, or will Schiff have the last laugh? Only time will tell.