Binance co-founder Changpeng "CZ" Zhao stated on Sunday that the anticipated Bitcoin super cycle may be delayed, though he remains confident it will eventually arrive. Zhao, speaking in a clip from a recent interview with CoinDesk shared on X, acknowledged the current market downturn as a "cryptocurrency winter" but emphasized that the crypto sector continues to grow. He admitted he cannot predict the future with precision, playfully conceding that his previous forecast for a 2026 super cycle might be late.

Bitcoin Advocates Maintain Bullish Stance

Despite the short-term volatility, prominent industry figures continue to support the leading cryptocurrency. Coinbase Global Inc. CEO Brian Armstrong echoed this optimism, reiterating that he is "bullish as ever" on Bitcoin. Armstrong projected that the price of Bitcoin will be "much higher" by 2030, describing it as the new digital gold and a key part of the future economy. He shared these views during a recent appearance on the Moonshots with Peter Diamandis podcast.

Market Performance and Geopolitical Impact

These positive predictions preceded a sharp uptick in the cryptocurrency market late Sunday. The surge followed geopolitical developments after President Donald Trump confirmed that a peace deal with Iran is "complete" and authorized the opening of the Strait of Hormuz. At the time of writing, Bitcoin was exchanging hands at $65,737.46, up 2.15% in the last 24 hours. The following table summarizes the recent performance metrics:

Zhao remains a longstanding Bitcoin bull, repeatedly declaring that the leading cryptocurrency would never die. While his personal portfolio is heavily weighted toward BNB, his public comments continue to reinforce a long-term belief in the asset class's resilience and growth potential.

Bitcoin faces up to 20% further downside from current levels, with the long-term holder cost basis near $48,000 serving as the worst-case floor, according to Bitwise Head of Research Europe André Dragosch. The projection comes as the cryptocurrency market navigates recent sell-offs driven by substantial ETP outflows, raising concerns about a deeper correction before a recovery materializes.

Dragosch mapped out structural support levels beneath the current spot price, identifying three critical zones. The 200-week moving average sits near $61,000, the realized price is near $56,000, and the long-term holder cost basis is near $48,000. Each level historically represents a zone where buyers have stepped in, though $48,000 marks the extreme downside scenario if all supports fail.

Despite the bearish outlook, Bitwise’s experimental bottom-cycle probability model began ticking higher last week. However, on-chain indicators remain below the extremes typically seen at prior cycle lows. Dragosch attributed the recent sell-off primarily to roughly $2 billion in weekly ETP net outflows, equivalent to about 50,000 Bitcoin sold into the market over a short period, rather than a slowdown in corporate treasury buying.

Support Levels and Market Indicators

The following table outlines the key support levels identified by Bitwise:

Galaxy Head of Research Alex Thorn offered a similarly cautious view, stating Bitcoin has not yet bottomed. In a report published Thursday, Galaxy noted only four of 13 historical bottoming indicators have triggered so far. The firm projects a potential bottom between $40,000 and $46,000 sometime between now and Q4 2026, adding that traditional assumptions of 75% to 80% peak-to-trough declines are less likely as cycle amplitudes compress.

Bitcoin fell roughly 28% from its May high near $82,000 to below $60,000 during the latest drawdown before recovering to $63,300 Friday, up 0.9% on the day. Dragosch expects the market bottom to arrive before the consensus October halving-cycle timing.

Altcoin Outlook and Legislative Catalysts

Regarding altcoins, Dragosch said Bitwise’s Altcoin Excitement Index shows no signal. The catalyst for any alt season rotation hinges on whether the US passes the CLARITY Act, which Polymarket currently prices at roughly 60% odds for passage this year. Without that legislative unlock, Dragosch sees no structural catalyst to rotate capital from Bitcoin into the broader altcoin market.