Richard Teng, the top executive at Binance, has shared an optimistic forecast regarding Bitcoin, the leading digital currency. Despite Bitcoin’s recent price dip, Teng expects the value to soar past the $80,000 mark, attributing this potential increase to the impact of Spot Bitcoin ETFs and Ethereum Spot ETFs.
Anticipating Bitcoin to Surpass $80,000 by 2024
Teng expressed his confidence that Bitcoin is poised for significant appreciation in value leading into 2024.
Initially setting his sights on a 2023 milestone where Bitcoin would reach $80,000, Teng now believes based on current market transformations—primarily due to the introduction of Spot Bitcoin ETFs.
Looking beyond 2024, Teng is even more bullish about Bitcoin’s prospects for 2025, highlighting a combination of improved
macroeconomic conditions and a more crypto-friendly industry landscape.
For Bitcoin’s potential upswing in 2024, Teng cites possible Federal Reserve rate cuts and the substantial investments in both Spot Bitcoin and Ethereum Spot ETFs as major contributing factors.
Reviewing past predictions based on Bitcoin’s growth post-halving events, Teng was taken aback by Bitcoin’s surge to over $73,000 before its April 20 halving. He acknowledged that this growth occurred sooner than he anticipated, contrary to his belief that it would climax six months after the event.
Propelled by the successful introduction of Spot Bitcoin ETFs and the influx of billions in capital, Teng revised his earlier projections, suggesting that Bitcoin will shoot beyond earlier estimates. While he did not set a precise future price point, Teng alluded to Standard Chartered’s optimistic forecast, which speculates that Bitcoin might reach the $200,000–$250,000 range by 2025.
Current Status of Bitcoin’s Market Price
Despite active anticipation for Spot Ethereum ETFs and considerable investment in Bitcoin’s market value remains a touch below expectations. Presently, it’s valued at $65,649, experiencing a minor 2.54% drop over the last week, as indicated by CoinMarketCap.
While the currency exhibits robust trading activity, its market price in a month. Crypto analyst Ali Martinez underscored the adverse effects of continued downward trends on Bitcoin’s value.
Image Source: H_Sutthichai / Shutterstock
