After the 4chan prophecy failed to fulfill its $16,000 Bitcoin prediction in October, Binance CEO Changpeng Zhao still sees the steep price to be in play.

Zhao or most popularly known in the crypto world as CZ responded to a tweet by The Crypto Monk on Nov. 1, a day after the so-called 4chan prophecy ended.

"Lol, price predictions are easy. It's just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak."

The prophecy is a meme posted by an anonymous user on the imageboard website, 4chan, back in January. Those predictions were spot-on accurate as its forecasts for April and July prices were correct. It also offered price guesses for three specific months in 2020, namely February, July, and November. However, the prophecy was nullified since it was still at $9,000 after Holloween.

From a technical standpoint, the $16,000 price that CZ sees is still a far-off target. BTC trades below the 100-day moving average, it's slightly above the 200-day moving average, and the Relative Strength Index (RSI) on the daily chart indicates that BTCUSD is at an overbought level at 57.13.

An analyst at FXStreet laid out resistance levels if the price, which currently trades at $9,172, breaks upward: $9,600, $10,500, and $11,275. Alternatively, immediate support is $9,000, followed by $8,800 and $8,500.

1.4 million people
If the charts don't see a Bitcoin price that CZ expects, the best way to understand why he is bullish of the popular crypto is to analyze his tweet. It's evident that he mentioned 1.4 billion people, so the question is, who or what is he referring to? A pump and dump? Or could it be Chinese President Xi Jin Ping's positive remarks about the blockchain technology on Oct. 28?

Since Mr. Xi's comments were publicized, the crypto market revived Bitcoin from falling below $7,300 and had it jumped all the way to $10,350. China is also reportedly planning to adopt blockchain and create a digital version of the yuan. All are seen as positive for cryptos.

The Wall Street Journal even took note of the surge in searches for "blockchain" on Baidu, a Chinese search engine.

So, putting the pieces together, was CZ referring to the 1.4 billion Chinese people?

Bitcoin jumped more than 15 percent to just short of $10,000 following Xi Jinping's comments
Bitcoin jumped more than 15 percent to just short of $10,000 following Xi Jinping's comments AFP / KAREN BLEIER
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