Binance CEO predicts Bitcoin to surge above $80k as demand remains strong
Binance CEO Richard Teng is confident that Bitcoin’s value will exceed $80,000 as more investments pour into crypto-backed exchange-traded funds (ETFs), according to Bloomberg. Teng, who took over as Binance CEO after founder Changpeng Zhao’s departure in November 2023, highlighted the significant influx of capital from institutional investors into spot Bitcoin ETFs, especially after receiving regulatory approval from the U.S. Securities and Exchange Commission earlier this year.
Teng expressed optimism about Bitcoin’s ongoing growth trajectory, stating that the market is still in its early stages. While initially predicting that BTC would reach around $80,000 by the end of the year, Teng now expects the cryptocurrency’s price to rise even higher due to decreasing supply and continuous demand.
Despite a recent drop below the $69,000 mark, Bitcoin has seen a 55% increase in value this year, leading to concerns of a potential speculative bubble and triggering periods of volatility and sell-offs among certain investors. However, Crypto.com CEO Kris Marszalek described the recent sell-off as a “healthy move” in a CNBC interview, suggesting that it helps alleviate accumulated leverage in the market. Marszalek pointed out that the current on-chain activity is similar to that of December 2020 to January 2021, with volatility remaining relatively low compared to previous cycles.
Overall, leaders in the crypto industry maintain a positive outlook for Bitcoin’s future, expecting further growth unless unforeseen events occur. As previously reported by crypto.news, Galaxy Digital CEO Michael Novogratz anticipates potential corrections and consolidation in the mid-$50,000 range before Bitcoin reaches new highs.
