Bitrabo Editorial
Bullish sentiments are echoed by Binance’s CEO, Richard Teng, who predicts a significant rally for Bitcoin, projecting the cryptocurrency to reach $80,000 during this market cycle. Teng attributes this optimistic forecast to the prospective impact of Spot Bitcoin ETFs and Spot Ethereum ETFs.
Bitcoin Price Projection for 2024
During a recent interview on Bankless’ YouTube channel, Richard Teng shared his bold outlook for Bitcoin, envisioning a price surge to $80,000 in 2024. Originally forecasting an all-time high of $80,000 for 2023, Teng’s prediction has evolved following the introduction of Spot Bitcoin ETFs, with expectations now set for Bitcoin to exceed $80,000 by year-end.
Teng anticipates an even more impressive performance for Bitcoin in 2025, suggesting a highly bullish year ahead driven by improvements in macroeconomic conditions and a more supportive landscape for the cryptocurrency industry.
For the upcoming year, Teng identified various catalysts that could propel Bitcoin towards his projected price target, including potential rate cuts by the Federal Reserve (FED) and the capital inflow into Spot Bitcoin ETFs, alongside the recent approval of Ethereum Spot ETFs.
Reflecting on Bitcoin’s historical performance post-halving events, Teng noted the cryptocurrency’s unexpected climb to new all-time highs above $73,000 before its most recent halving event in April. This led Teng to reassess his previous forecasts, acknowledging the impact of the successful Spot Bitcoin ETF launch and substantial market capital inflow on Bitcoin’s price trajectory.
Update on Bitcoin’s Current Price
Despite the anticipation surrounding the forthcoming launch of Spot Ethereum ETFs and notable investments in Spot Bitcoin ETFs, Bitcoin’s price has witnessed a slight dip below expectations. Currently trading at $65,649, reflecting a 2.54% decline over the last week, according to CoinMarketCap figures.
While the trading volume remains robust, with a 108.35% surge in the 24-hour trading volume, the price of BTC has fallen by 2.47% over the past month. Analyst Ali Martinez highlights the potential negative repercussions of a sustained downtrend on Bitcoin’s value, emphasizing the importance of reclaiming levels above $66,254 to avert further downside towards $61,000.