After selling off sharply on tariff news in April, Bitcoin prices have bounced back in a big way over the past few weeks.
Taking a look at current Bitcoin prices here on Binance, we can see that BTC/USD has made a return to six9figure prices, with the largest cryptocurrency by market cap trading for $103,109.83 as of May 9, 2025.
Following this return back to price levels last seen earlier this year, the question now is how much longer this rally will last?
Discussion about Bitcoin hitting $125,000, $150,000 or even $200,000 is starting to look relevant once again.
Looking beyond the short-term, to the overall market cycle, the sky may indeed be the limit for BTC prices.
At least, that’s the view of Binance co-founder Changpeng “CZ” Zhao, who recently voiced his own thoughts of where Bitcoin is headed from here.
CZ’s BTC Price Target: $500,000 to $1 million on Institutional, Governmental Adoption
On May 5, Rug Radio released an exclusive interview with Zhao. The Binance co-founder discussed a variety of crypto-related topics.
The interview even touched on Zhao’s views on $TRUMP and other crypto products launched by President Trump’s inner circle.
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However, the topic of most interest to Bitcoin traders and “HODLers” alike may be his lofty price target for Bitcoin during this market cycle.
In short, Zhao expects BTC/USD to ultimately top prices in the high six-figures, or between $500,000 and $1 million.
Why? Largely, due to the ongoing institutionalization of Bitcoin. Per Zhao, the rollout of spot Bitcoin exchange-traded funds (ETFs) are “bringing the traditional institution money into crypto.”
Alongside this, Zhao cites increasing accumulation of Bitcoin by various countries, as well as the U.S.’s newfound pro-crypto stance under President Trump.
Although Zhao added in the interview that retail traders had plenty of time to buy, and it’s “their choice” if they’re late to party now, this bold price target does suggest plenty of upside, even for those just starting to accumulate a position today.
Zhao Not the Only One Eyeing Another Big Bull Run Ahead
To some, Zhao’s forecast for Bitcoin prices may seem too aggressive, even when considering the strength of catalysts such as institutional adoption.
After all, Bitcoin now has a market cap of over $2 trillion. For BTC to make additional massive moves higher, a significant amount of capital from institutional investors will need to flow into this asset.
However, that may not be the tall order it sounds like on the surface. In an X.com social media post published May 6, an anonymous crypto analyst named Kaleo laid out how reaching prices of $500,000+ is “more realistic than it sounds.”
To back his argument, Kaleo pointed out that, at current prices, the total value of the world’s gold totals $22.6 trillion.
As institutional adoption of Bitcoin is being driven in large part due to its growing acceptance as a U.S. Dollar alternative (similar to gold), this alone suggests a much higher valuation for BTC.
Better yet, if gold continues to appreciate in price, Bitcoin prices could keep climbing, perhaps even outpacing gold’s own gains.
For instance, if gold soars to over $8,000 per ounce, but Bitcoin experiences price appreciation two times that of gold, Bitcoin will climb to prices topping $500,000.
The Takeaway
Although there is substance to the bull case being laid out by Zhao and others, it’s far from set in stone that Bitcoin will climb to prices nearly 10x that of current prices.
Only time will tell whether institutional adoption will be to the extent to drive such massive price appreciation.
In addition, while BTC/USD may eventually hit $500,000 to $1 million, the higher levels of price volatility historically associated with this asset may persist.
That said, while investors may want to assess other factors before making a decision, this bull case is definitely food for thought.
Even if this bull case even partially plays out, it could still mean outsized gains for investors, including for those late to the party, buying in at current price levels.
