Binance CEO Richard Teng has recently made forecasts on the crypto market, forecasting that the value of Bitcoin will surpass $80,000 by the end of this year.
He has the belief that 2025 will surpass 2024 as a more favorable year for Bitcoin and other digital assets, primarily due to the enhancement of macroeconomic circumstances.
Teng is of the opinion that the endorsement of Bitcoin’s exchange-traded funds (ETF) earlier this year, as well as the anticipated endorsement of ETFs for Ethereum (ETH), may further stimulate the influx of capital from conventional financial institutions into the cryptocurrency markets and enhance the upward trend of the bull market cycle.
Teng’s first forecast for the value of Bitcoin by the conclusion of 2023 was $80,000, and by the end of 2024. Nevertheless, he failed to anticipate the significant and resilient influx of funds from institutional investors following the introduction of the Bitcoin ETF.
He revised his forecast for ETF clearance to maybe occur by the latter part of 2024 or 2025. Teng is confident that the upcoming year will surpass the current year in terms of improvement.
According to analysts, Bitcoin is expected to hit $200,000 next year, and in the event of a squeeze, it is projected to reach $250,000.
Teng is of the opinion that there is still potential for expansion in both Bitcoin and tokens like as Ether, given that a total of $15 billion has been invested in Bitcoin ETFs since the start of the year.
