Binance CEO Predicts Bitcoin Rally Above $80,000, But What Will Drive It?

Bitcoinist
Updated Jun 19, 2024 01:18
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Binance Chief Executive Officer (CEO), Richard Teng has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. Despite BTC’s recent downward trend, Teng foresees the cryptocurrency hitting $80,000 in this market cycle, citing the influence of Spot Bitcoin ETFs and Spot Ethereum ETFs as potential drivers.


Bitcoin Predicted To Hit $80,000 In 2024


In a recent interview on the YouTube channel, Bankless, Teng shared his 2024 prediction for Bitcoin, foreseeing major gains ahead for the pioneer cryptocurrency. 


The Binance CEO disclosed that in 2023, he had initially predicted BTC would hit an all-time high of $80,000. However, with the significant market changes brought about by the approval and launch of Spot Bitcoin ETFs, he now anticipates Bitcoin surpassing $80,000 before the end of the year. 


Teng’s BTC outlook for 2025 is even more impressive than his 2024 price prediction. He predicted that 2025 would be an incredibly bullish year, highlighting key drivers like improvements in macroeconomic factors and more favorable environments for the cryptocurrency industry. 


For 2024, the Binance CEO highlighted several factors that could drive Bitcoin towards his predicted price target. He discussed a high potential for the Federal Reserve (FED) to cut down rates before the end of 2024. Additionally, he pinpointed the influx of capital into Spot Bitcoin ETFs and the recent approval of Ethereum Spot ETFs. 


Basing his previous predictions of BTC on its historical performance after each halving event, Teng expressed surprise that the pioneer cryptocurrency had risen to new all-time highs above $73,000 before its halving event on April 20. He acknowledged his oversight, as he had expected BTC to reach a new all-time high at least six months after its halving event. 


Due to the massive success of the Spot Bitcoin ETF launch and the billions of capital flowing into the market, Teng has changed his previous predictions, declaring that BTC’s price would surge significantly higher than his base prediction from the end of last year. Although the Binance CEO refrained from giving an exact predictive value for Bitcoin’s price, he emphasized Standard Chartered’s bullish prediction of the cryptocurrency earlier this year, which saw BTC potentially hitting $200,000 or even as high as $250,000 by 2025.  


Update On BTC’s Current Price


Despite the hype surrounding the upcoming launch of Spot Ethereum ETFs and the significant inflows into Spot Bitcoin ETFs, the price of BTC has remained slightly below expected levels. The cryptocurrency is currently trading at $65,649, reflecting a 2.54% decline over the past week, according to CoinMarketCap. 


While its trading volume remains relatively high, recording a 108.35% increase in its 24-hour trading volume, its price has plummeted by 2.47% over the past month. Popular Crypto analyst, Ali Martinez has highlighted the negative impacts a continuous downtrend would have on BTC’s value. Martinez revealed that Bitcoin needs to climb back above $66,254 to avoid spiraling down to new lows at $61,000. 

Bitcoin price chart from Tradingview.com

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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