Binance CEO Forecasts Bitcoin Surging Above $80,000 by 2024 Year-End
Binance CEO Richard Teng has made a bold prediction, suggesting that Bitcoin (BTC) could surge to a new all-time high by the year's end, as reported by Bloomberg.
Teng anticipates Bitcoin surpassing $80,000, a considerable increase from his earlier forecast that the cryptocurrency would close 2024 around that price point.
The CEO’s optimistic outlook for Bitcoin stems from a perceived decline in supply coupled with sustained demand.
Currently trading at $66,852, Bitcoin has experienced a 10% decrease from its recent peak of $73,802 earlier this month. Despite this, the cryptocurrency has seen a 50% increase since the beginning of the year.
Teng believes that any future Bitcoin rally won’t be a straight upward trajectory, emphasizing the importance of corrections for the market’s health.
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Following Changpeng Zhao’s resignation amid allegations of violating anti-money laundering laws, Teng assumed the top executive role at Binance. He has since expressed intentions to drive further growth for the exchange while ensuring compliance with regulations.
Teng highlighted Binance’s robust financial position, emphasizing its status as the world’s largest crypto exchange by volume, along with its debt-free capital structure and strong revenue streams.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
