Binance Chief Executive Officer (CEO), Richard Teng made a bullish forecast for Bitcoin, the world’s largest cryptocurrency. Despite BTC’s recent downtrend, Teng predicts that the cryptocurrency reached $80,000 this market cycle, citing the impact of the Spot Bitcoin ETF and Spot Ethereum ETF as potential drivers.
Bitcoin is predicted to reach $80,000 in 2024
In recent interview on YouTube channel Bankless Teng shared his 2024 forecast for Bitcoin, predicting significant gains for the pioneering cryptocurrency.
Binance CEO revealed that he initially predicted that BTC would reach an all-time high of $80,000 in 2023. However, with significant changes in the market following approval and launch Spot Bitcoin ETFcurrently predicts Bitcoin will cross $80,000 before the end of the year.
BTC Tenga perspectives for 2025 is even more impressive than his 2024 price forecast. He predicted that 2025 would be an extremely bullish year, highlighting key factors such as improvements macroeconomic factors and a more favorable environment for the cryptocurrency industry.
For 2024, Binance’s CEO highlighted several factors that could push Bitcoin to reach its projected price target. He discussed the great potential The Federal Reserve (FED) will lower interest rates before the end of 2024. Additionally, he pointed to the inflow of capital into Spot Bitcoin ETFs and the recent approval Ethereum spot ETFs.
Basing his previous predictions for BTC on its historical performance after each halving, Teng expressed surprise that the pioneering cryptocurrency rose to modern all-time highs above $73,000 ahead of its launch. halving will take place on April 20. He owned up to his oversight as he expected BTC to reach a modern all-time high at least six months after the halving.
Due to the huge success of the launch of the Spot Bitcoin ETF i billions of capital are flowing into the market, Teng changed his previous forecasts, declaring that the BTC price will rise significantly higher than his baseline forecast from the end of last year. Although the CEO of Binance refrained from giving the exact value of the predicted price of Bitcoin, he emphasized Standard Chartered’s Bullish Forecasts cryptocurrency earlier this year, when BTC potentially reached $200,000 and even $250,000 by 2025.
Update of the current BTC price
Despite the hype around the upcoming launch of Spot Ethereum ETFs and the significant inflows into them Spot Bitcoin ETF, BTC price remains slightly below expected levels. According to CoinMarketCap, the cryptocurrency is currently trading at $65,649, reflecting a decline of 2.54% over the past week.
While trading volume remains relatively high, recording an boost in 24-hour trading volume of 108.35%, the price dropped over the last month by 2.47%. Popular Crypto analyst Ali Martinez highlighted the negative impact of the continued downward trend on the value of BTC. Martinez revealed that Bitcoin needs to climb back above $66,254 to avoid this spiraling down to modern lows for $61,000.
Featured image created with Dall.E, chart from Tradingview.com
