Binance CEO Richard Teng has forecasted that Bitcoin’s value will exceed the $80,000 threshold, driven by an uptick in investments in crypto-backed exchange-traded funds (ETFs), as reports.
Taking the helm as Binance CEO after the departure of founder Changpeng Zhao in November 2023, Teng underscored the significant inflow of capital from institutional investors into spot Bitcoin ETFs, particularly following regulatory green lights earlier this year from the U.S. Securities and Exchange Commission for such financial instruments.
Expressing buoyancy regarding Bitcoin’s trajectory, Teng remarked that the market is merely at its inception. Initially pegging BTC‘s year-end valuation around $80,000, Teng now envisions the cryptocurrency’s price surging further “with supply constraints and sustained demand.”
Despite a recent dip below the $69,000 mark, Bitcoin has registered over a 55% increase in value this year, sparking debates over potential speculative bubbles and prompting intermittent periods of market volatility and sell-offs among certain investors.
Nevertheless, CEO Kris Marszalek characterized the recent sell-off as a “healthy correction” in a CNBC interview, suggesting it helps alleviate accumulated leverage within the market. Marszalek pointed out that current on-chain activities echo those seen from December 2020 to January 2021, highlighting that volatility remains “relatively subdued compared to previous cycles.”
Industry leaders in the crypto sphere generally maintain an optimistic outlook for Bitcoin’s future, anticipating further growth barring unforeseen developments. As previously reported by news, Galaxy Digital CEO Michael Novogratz anticipates potential corrections and consolidation in the mid-$50,000 range before Bitcoin’s ascent to new highs.
