Binance CEO Predicts Bitcoin Price to Surpass 80000 by the End of the Year Provides Reasons Behind Forecast

The recent hawkish stance of the Federal Reserve during the FOMC meeting has caused a decline in institutional investors’ confidence, resulting in significant outflows in crypto Exchange Traded Products (ETPs) across the market. In just one week, these outflows totaled approximately $600 million. This shift indicates a new phase in the market, potentially contributing to Bitcoin’s recent drop to around $66,000.

On The Paul Barron Network, the host highlighted a recent statement from Binance CEO Richard Teng regarding Bitcoin’s price. Teng predicts that Bitcoin will surpass $80,000 by the end of 2024 and holds an even more optimistic outlook for 2025.

During an appearance on the Bankless Podcast, Teng shared, “My price target for the end of this year is significantly higher than $80,000. I won’t reveal the exact figure, but it surpasses my previous estimate from last year. I believe that next year will be far more promising compared to the current one. This cycle is unique – typically, Bitcoin leads the rally followed by other major coins and then meme coins. However, in this cycle, the focus shifted from Bitcoin straight to meme coins, which is unprecedented. I anticipate a substantial increase in market cap, possibly more than doubling from its current level.”

As of now, Bitcoin is trading below the critical $66,000 mark. While Bitcoin is in the red, most altcoins are in the green. Nevertheless, there is no clear indication of a breakout in either direction.

Tags: Bitcoin, Crypto news, Cryptocurrency, Price Analysis.