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Binance Chief Government Officer (CEO), Richard Teng has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. Regardless of BTC’s latest downward development, Teng foresees the cryptocurrency hitting $80,000 on this market cycle, citing the affect of Spot Bitcoin ETFs and Spot Ethereum ETFs as potential drivers.
Bitcoin Predicted To Hit $80,000 In 2024
In a latest interview on the YouTube channel, Bankless, Teng shared his 2024 prediction for Bitcoin, foreseeing main features forward for the pioneer cryptocurrency.
The Binance CEO disclosed that in 2023, he had initially predicted BTC would hit an all-time excessive of $80,000. Nonetheless, with the numerous market modifications led to by the approval and launch of Spot Bitcoin ETFs, he now anticipates Bitcoin surpassing $80,000 earlier than the tip of the yr.
Teng’s BTC outlook for 2025 is much more spectacular than his 2024 value prediction. He predicted that 2025 can be an extremely bullish yr, highlighting key drivers like enhancements in macroeconomic factors and extra favorable environments for the cryptocurrency trade.
For 2024, the Binance CEO highlighted a number of components that would drive Bitcoin in the direction of his predicted value goal. He mentioned a excessive potential for the Federal Reserve (FED) to cut down rates earlier than the tip of 2024. Moreover, he pinpointed the inflow of capital into Spot Bitcoin ETFs and the latest approval of Ethereum Spot ETFs.
Basing his earlier predictions of BTC on its historic efficiency after every halving occasion, Teng expressed shock that the pioneer cryptocurrency had risen to new all-time highs above $73,000 earlier than its halving event on April 20. He acknowledged his oversight, as he had anticipated BTC to succeed in a brand new all-time excessive no less than six months after its halving occasion.
As a result of huge success of the Spot Bitcoin ETF launch and the billions of capital flowing into the market, Teng has modified his earlier predictions, declaring that BTC’s value would surge considerably increased than his base prediction from the tip of final yr. Though the Binance CEO kept away from giving a precise predictive worth for Bitcoin’s value, he emphasised Standard Chartered’s bullish prediction of the cryptocurrency earlier this yr, which noticed BTC doubtlessly hitting $200,000 and even as excessive as $250,000 by 2025.
Replace On BTC’s Present Value
Regardless of the hype surrounding the upcoming launch of Spot Ethereum ETFs and the numerous inflows into Spot Bitcoin ETFs, the price of BTC has remained barely beneath anticipated ranges. The cryptocurrency is at the moment buying and selling at $65,649, reflecting a 2.54% decline over the previous week, in line with CoinMarketCap.
Whereas its buying and selling quantity stays comparatively excessive, recording a 108.35% improve in its 24-hour buying and selling quantity, its price has plummeted by 2.47% over the previous month. Well-liked Crypto analyst, Ali Martinez has highlighted the detrimental impacts a steady downtrend would have on BTC’s worth. Martinez revealed that Bitcoin must climb again above $66,254 to keep away from spiraling down to new lows at $61,000.
Featured picture created with Dall.E, chart from Tradingview.com
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