A
A

Bitcoin: Binance CEO Predicts New Record for the Cryptocurrency

Mon 18 Mar 2024 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed ▪ Centralized Exchange (CEX)

The price of Bitcoin (BTC) has recently collapsed after setting a historic growth record. For someone like Richard Teng, the CEO of crypto exchange Binance, this situation is temporary. He believes, based on certain factors, that Bitcoin will return to its peak level and reach new price highs.

Bitcoin, the leading cryptocurrency

The head of Binance sees Bitcoin jumping beyond $80,000…

Richard Teng, CEO of Binance, has recently spoken about Bitcoin’s outlook. In a context of a falling price, the executive predicts that the flagship crypto will reach and exceed a valuation of $80,000, which would be a new All Time High (ATH).

This is a broadly optimistic projection in the current circumstances, knowing that Bitcoin is trading around $67,400 after having reached an ATH of $73,000. Over the last 24 hours, the asset has nevertheless gained 2.91% in valuation.

Overall, Richard Teng’s optimistic outlook for a comeback of the flagship crypto is based on two closely linked factors. The executive cites increasing institutional interest and the inflow of funds from Bitcoin Spot ETFs.

Fundamentally, the head of Binance is increasing his previously formulated predictions on Bitcoin reaching the $80,000 threshold by the end of 2024. A revision related to increased demand and a reduced supply of Bitcoin.

Bitcoin could soon surpass $80,000 according to Richard Teng, CEO of Binance

… But remains perfectly aware of the asset’s volatility

It must be said that despite the optimistic projections, Richard Teng acknowledges the potential volatility of the Bitcoin market. A factor which he believes is necessary for the growth and maturation of the flagship crypto.

It can be considered that he is not wrong especially since his point of view is supported by the recent rise of Bitcoin by 56%, reaching nearly $73,794. Although one must still fear that a stock market bubble could lead to increased volatility and massive sell-offs.

In any case, the leader of Binance remains confident in Bitcoin’s upward trajectory. He anticipates in particular that institutional investors will increase their allocations to Bitcoin ETFs. This would thus stimulate the rise of the flagship crypto.

However, Michael Hartnett, an investment strategist, is somewhat cautious about the prospects of the flagship crypto. He warns of investor exuberance and the emergence of potential bubbles, highlighting broader concerns about the stability of the crypto market in a context of economic uncertainties. 

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


A
A
Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.