Binance Chief Executive Officer (CEO), Richard Teng has made a bullish prediction for bitcoin, the world's largest cryptocurrency. Despite btc's recent downtrend, Teng foresees the cryptocurrency reaches $80,000 in this market cycle, citing the influence of bitcoin Spot ETFs and ethereum Spot ETFs as possible drivers.
bitcoin is expected to reach $80,000 in 2024
In a recent interview On the Bankless YouTube channel, Teng shared his prediction for bitcoin by 2024, foreseeing big gains for the pioneering cryptocurrency.
The Binance CEO revealed that in 2023, he had initially predicted that btc would reach an all-time high of $80,000. However, with the important changes in the market caused by the approval and launch of bitcoin Spot ETFHe now anticipates that bitcoin will surpass $80,000 before the end of the year.
Teng's btc outlook for 2025 It's even more impressive than his price prediction for 2024. He predicted that 2025 would be an incredibly bullish year and highlighted key factors such as improvements in macroeconomic factors and more favorable environments for the cryptocurrency industry.
By 2024, the Binance CEO highlighted several factors that could push bitcoin towards its planned price target. He spoke of the high potential for The Federal Reserve (FED) will reduce rates before the end of 2024. Additionally, he noted the influx of capital into bitcoin Spot ETFs and the recent approval of ethereum Spot ETF.
Basing his previous btc predictions on its historical performance after each halving event, Teng expressed surprise that the pioneering cryptocurrency had reached new all-time highs above $73,000 before its halving event on April 20. He acknowledged his oversight as he expected btc to reach a new all-time high at least six months after its halving event.
Due to the enormous success of the launch of the Spot bitcoin ETF and the billions of capital flowing into the market, Teng changed his previous predictions, stating that the btc price would rise significantly more than his base prediction from late last year. Although the Binance CEO refrained from giving an exact predictive value of the price of bitcoin, he emphasized Standard Chartered Bullish Prediction of the cryptocurrency earlier this year, in which btc could reach $200,000 or even up to $250,000 by 2025.
Update on current btc price
Despite the hype surrounding the upcoming launch of ethereum Spot ETFs and significant inflows into bitcoin-etfs-could-catapult-btc-price-to-500000-according-to-this-crypto-trader/” rel=”nofollow noopener” target=”_blank”>bitcoin Spot ETFhe btc/bitcoin-price-slide-64500/” rel=”nofollow noopener” target=”_blank”>btc price has remained slightly below expected levels. The cryptocurrency is currently trading at $65,649, reflecting a 2.54% drop over the past week, according to CoinMarketCap.
While its trading volume remains relatively high, recording a 108.35% increase in its 24-hour trading volume, its bitcoin-news/bitcoin-braces-for-10-20-crash-top-analyst-cites-90-chance-of-pullback/” rel=”nofollow noopener” target=”_blank”>the price has plummeted 2.47% during the last month. Popular crypto analyst Ali Martinez has highlighted the negative impacts that a continued downtrend would have on the value of btc. Martinez x.com/ali_charts/status/1801758768906256556?s=46″ rel=”nofollow” target=”_blank”>revealed that bitcoin needs to rally back above $66,254 to avoid bitcoin-news/bitcoin-crash-60000-support-lost-cryptoquant-head/” rel=”nofollow noopener” target=”_blank”>spiraling towards new lows at $61,000.
Featured image created with Dall.E, chart from Tradingview.com
