Zcash has gained more than 2,600% over the past year, briefly pushing its market capitalization above $25 billion and placing it among the 10 largest digital assets. The rally was supported by a broader crypto-market recovery, the debut of the ZEC ETP in Europe, the launch of a spot Zcash ETF and other factors. After exceeding $1,600 earlier this week for the first time since 2016, ZEC fell to roughly $1,470 as the wider market corrected. X user Crypto Patel described the prior advance as extraordinary but urged caution between $1,600 and $2,000, arguing that a cup-and-handle pattern could indicate a local top and that the token had become psychologically overextended. Patel forecast a decline below $500 within the next 1-3 years if the market cycle enters a distribution and downtrend phase, with a possible fall to $200 if the long-term structure fully reverses. Separately, X user Zayn said a ZEC short position generated $30,000 in gains before paper profit rose above $60,000, prompting consideration of holding it until a potential $100,000 return. The recent pullback does not necessarily signal the end of ZEC's broader advance, while movement from centralized exchanges toward self-custody (holding assets directly) could reduce immediate selling pressure and support a rebound. CoinGlass provided the ZEC exchange netflow data referenced in the discussion.