Richard Teng, the CEO of BINANCE, forecasts Bitcoin to surpass $80,000 by the end of 2024, citing improved macroeconomic conditions and the acceleration of fund inflows from traditional financial institutions due to Bitcoin and Ethereum ETF approvals.
With 2025 expected to be an even better year for cryptocurrencies, Teng’s revised bullish outlook highlights a promising future for the market.
Explore the detailed predictions and insights into the factors driving this optimistic forecast.
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2025 to Be an Even Better Year for Cryptocurrencies
Richard Teng, the CEO of BINANCE, shared a bullish price prediction in a June 17, 2024, interview on YouTube’s “Bankless.” He stated that the price of Bitcoin (BTC) could surpass $80,000 by the end of 2024.
Teng believes that improvements in macroeconomic conditions will have a positive impact on Bitcoin and other cryptocurrencies. He predicts that 2025 will be an even better year for cryptocurrencies.
I believe 2025 will be a better year for the entire cryptocurrency industry compared to 2024, thanks to significant improvements in the overall macroeconomic environment, Teng stated.
He suggested that interest rates might drop by the end of this year, leading to a healthier macroeconomic environment. This, in turn, will further boost cryptocurrency prices in 2025.
Revising the Price Forecast Considering the Spot ETFs
Furthermore, the approval of Bitcoin spot ETFs and Ethereum spot ETFs is expected to accelerate the inflow of funds from traditional financial institutions into the cryptocurrency market. This could potentially intensify the bullish momentum.
Teng initially predicted that Bitcoin would reach $80,000 by the end of 2024 as of late 2023. However, the early approval and strong inflow of funds following the launch of Bitcoin ETFs were unexpected, prompting him to revise his forecast.
“My forecast for the end of 2024 is now above $80,000, and 2025 will be even better,” Teng explained.
“My basic prediction at the end of 2023 was that Bitcoin would reach $80,000 by the end of 2024. However, I did not foresee the strong inflow of institutional investors following the launch of Bitcoin ETFs.”
He admitted, “I did not expect the ETFs to be approved so quickly, predicting the approval to happen around late 2024 to 2025. This prompted me to adjust my Bitcoin forecast.”
“My prediction for the end of 2024 is now significantly higher than $80,000. I can’t specify an exact price, but it is much higher than my forecast from the end of last year, and I believe next year will be a much better year than this year,” he concluded.
Despite significant declines in the prices of major cryptocurrencies, including Bitcoin (BTC), in recent weeks, many prominent figures and analysts in the cryptocurrency industry maintain a long-term bullish outlook, with some predicting prices to exceed $100,000.
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