2024-3-18 17:11 |
Binance CEO Richard Teng has shared his bullish stance on Bitcoin, predicting that the cryptocurrency will soar above $80,000, driven by increasing institutional investments in crypto-backed exchange-traded funds (ETFs).
Speaking at an event in Bangkok on Sunday, the former regulator noted that the launch of spot Bitcoin ETFs in the US earlier this year has already started to attract institutional investors and new fund flows, adding, “We’re just getting started.”
Teng further revealed he expects Bitcoin to soar above $80,000 before the end of the year as crypto demand continues to soar and supply reduces. He, however, emphasized that the rally won’t be a “straight line” and the market will experience ups and downs, which is good for the market.
The pundit’s prediction of Bitcoin is not new. Earlier last month, Teng surveyed his followers on Bitcoin’s potential value by the end of 2024, offering options of $40,000, $80,000, and $120,000. Interestingly, the survey results favoured a bullish expectation of $120,000.
In a tweet on Sunday, the CEO further hinted at his bullish stance for BTC when asked about the significance of the number 3 to him in the Thai community.
“Many good things in crypto have 3 syllables – BTC, BNB, ATH, To The Moon… Now you know.” He wrote.
Notably, Bitcoin has experienced a remarkable price surge, catalyzed by the recent approval of several spot ETFs earlier this year. This surge propelled Bitcoin to achieve an all-time high of $73,750 last week. Moreover, the total daily crypto exchange volume on March 14 nearly reached $100 billion, marking the first instance since 2021.
The launch of Bitcoin ETFs in the US has also led to relentless inflows, with more endowments, and family offices are expected to step up allocations into Bitcoin ETFs in the near term. According to data from crypto BitMEX Research, ETF net inflows this week topped $2.565 billion, propelling the cumulative net inflows to a staggering $12 billion after 47 days of trading. According to experts like Willy Woo, this could be the tip of the iceberg.
Teng, who took over as CEO after co-founder Changpeng Zhao stepped down in November following the company’s $4.3 billion settlement with US authorities, has long advocated crypto adoption. In a recent interview, Teng noted that as more regulators spend time, energy, and resources to understand and formulate regulatory frameworks for crypto, it will instil further trust within the community and user base, leading to mass adoption.
Despite plunging since Thursday due to market participants’ profit-taking behaviour, Bitcoin demonstrated resilience on Sunday as it attempted to break minor resistance around $68,000.
The market is expected to continue fluctuating within its current range until the supply diminishes, potentially paving the way for a bullish breakout. The crypto asset traded at $67,108 at press time, reflecting a 1.10% drop over the past 24 hours.
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