A former executive of the world’s largest cryptocurrency exchange expects that Bitcoin could soar higher than the $100,000 level.

Former Binance CEO Changpeng Zhao believes that the firstborn cryptocurrency is capable of hitting a higher price point, following its brief recovery to $100,000 on Tuesday.

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A “Boring” Level?

Bitcoin embraced the new year on a positive note as the crypto recorded a recovery that catapulted it to reach the $100,000 mark.

Zhao, who is also the founder of Binance, suggested that the top crypto asset can do better and surpass the $100k price point.

“100k is boring, right?” Zhao said in a post, responding to Bitcoin recovery.

Investors have seen Bitcoin reclaim its lost glory after hitting $100,000 after the digital asset slid down the key level on December 19, staying below $100,000 for quite some time before gaining momentum to propel it to this milestone level.

100k is boring, right?

— CZ BNB (@cz_binance) January 7, 2025

Bitcoin Destined To Reach New Heights

Zhao, popularly known as CZ, asserted that Bitcoin is far more capable of reaching a price point beyond $100k. Hence, the former crypto firm executive was not surprised with BTC making a comeback and surging in the last 24 hours.

The ex-Binance CEO’s post on X sparked excitement among members of the cryptocurrency community as Zhao’s post suggests that BTC prices could go up.

Last month, Bitwise executive Matt Hougan predicted that the bullish run for cryptocurrency would still gain momentum until 2025. Hougan expects that other top crypto assets would soar in price such with Bitcoin leading the charge.

Hougan believes that BTC could reach as high as $200,000 before the end of 2025, claiming that inflows from the Bitcoin ETFs could fuel the demand from corporate entities. This, as a result, would increase their exposure to the premier crypto asset.

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Positive Sentiment Continues

Zhao has a positive outlook for cryptocurrencies, saying that 2025 would be a “send it’ year” for digital assets. According to analysts, the term ‘send it’ is being used when there is excitement surrounding cryptos brought by soaring prices.

If you ever wondered why people tweet 4, it came from this tweet 2 years ago today. In hindsight, should’ve made “4” the “0”th point.

2025 will be a “send it” year. https://t.co/6f27u0mYez

— CZ BNB (@cz_binance) January 3, 2025

Other market analysts agree that digital assets would experience a surge in their prices in 2025, which would be driven by crypto adoption from institutional investors and national governments.

Although the former Binance CEO believes in Bitcoin moving past $100,000, Zhao did not provide a price prediction for the year. However, there were occasions that Zhao hinted that Bitcoin could be traded at $850,000 per coin.

Featured image from Getty Images, chart from TradingView

• Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, Glassnode data shows.
• Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
• BTC price saw downward action last week following a series of negative market related news.

The global cryptocurrency market cap remains above the $1 trillion mark, with the past 24 hours seeing roughly 0.6% in downward change. The global trading volume in the last 24 hours is around $38.9 billion.

But while Bitcoin (BTC) dominance hovers at 40.4%, the price action has weirdly remained more like a stablecoin. As noted on Sunday, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).

Bitcoin price continues to hover above $22k

Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week.

Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.

According to the analyst, BTC is still poised for a fresh bounce higher as bulls hold above key support. He also points to equities and notes a bounce for indices is likely to cascade into the crypto market. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.

Boring price action on #Bitcoin since the correction, but still acting in support here.

Indices bounced already and seem to continue to do so.

Might have another sweep of the lows and then reverse up, losing $21.5K = trouble time. pic.twitter.com/6GyzaiqZ3U

— Michaël van de Poppe (@CryptoMichNL) March 6, 2023

BTC sees $17.8 million in weekly net flows

As for the net flow, data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and roughly $4 billion in off-exchange flows last week.

The net flow for Ethereum, the second largest cryptocurrency by market cap and with over 17% of market dominance, was about $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.

On the other hand, the leading stablecoin Tether (USDT) saw weekly net flows of about 160 million, with total $6 billion flowing into exchanges and $6.2 billion withdrawn.

The Boring Company – an underground tunneling system company established by Elon Musk – diversified its operations by launching a new perfume.

The firm allowed customers to pay for the product with Musk’s favorite cryptocurrency – Dogecoin.

DOGE Is Among the Payment Options

It is no secret that the world’s richest man – Elon Musk – is a keen proponent of the first ever memecoin -Dogecoin. Over the past few years, he had admitted investing some of his personal wealth in it and had praised the token’s merits on multiple occasions.

In August, the entrepreneur opined that Dogecoin has a better transactional capacity than Bitcoin. To prove his point, he noted that it takes 60 seconds to complete DOGE transactions, while such with BTC take about 10 minutes.

Unsurprisingly, some of the companies that Musk runs are also supportive of the asset. The EV giant – Tesla, the spacecraft manufacturer – SpaceX, and the tunnel construction services firm – The Boring Company – have all embraced DOGE as a means of settlement.

In a recent tweet, Musk revealed that The Boring Company introduced a rather unusual product: a fragrance whose aroma reminds of “a candle at the dinner table.” Apart from paying in fiat currency, customers are able to buy the perfume in Dogecoin, the billionaire outlined.

And you can pay with Doge!

— Elon Musk (@elonmusk) October 11, 2022

Once again, Musk’s latest interaction with the token positively affected its valuation. It currently trades at $0.060421, a 2.3% increase compared to yesterday’s figures.

Despite the recent price pump, DOGE is far from its all-time high records from last spring when it reached $0.74.

Dogecoin’s Reaction to Musk-Twitter News

Earlier this year, the South African-born entrepreneur purchased more than 70,000,000 Twitter shares (9.2% of the company), displaying intentions to eventually buy the social media platform for $44 billion. Hours later, DOGE skyrocketed by 33%, surpassing $0.15 per coin.

While Twitter agreed on the sales conditions, Musk had not yet said his final word. In July, he claimed that the organization had not “complied with its contractual obligations” and did not solve its issues with fake accounts and scams, leading to the termination of the agreement.

Last week, Tesla’s CEO changed his stance, saying he is ready to buy Twitter for $54.20 per share – approximately $44 billion, which was the original bid. Hours later, DOGE soared by over 8%.

There is a new Perfume Salesman in town, none other than Tesla and SpaceX CEO Elon Musk who launched his brand new perfume ”Burnt hair‘ via his tunnel construction services firm, the Boring Company. The company now accepts Dogecoin payments for the perfume along with fiat payments.

Over 10,000 bottles of Elon Musk’s Burnt Hair are already sold upon announcement. ”The finest fragrance on Earth” is priced at $100 including tax and shipping for U.S. citizens.

The Burnt hair perfume apparently reminds the aroma of  “a candle at the dinner table but without all the hard work.”

Elon Musk has always been an avid Dogecoin supporter and has showcased his adoration on multiple occasions. Musk’s SpaceX merchandise and Tesla already accepts Dogecoin payments.

In August, Elon Musk revealed he is “Mainly” supporting Dogecoin stating that compared to Bitcoin, Dogecoin has a higher transaction capability. Musk explained that while bitcoin transactions take around 10 minutes to complete, Dogecoin transactions are completed in just 60 seconds, making dogecoin a better payment option.