Despite recent ups and downs in the crypto market, Binance CEO firmly believes bitcoin is on the brink of a significant surge.
After reviewing Bitcoin’s price action within a few months after the previous halving events, Binance’s CEO predicted a massive jump in Bitcoin’s price in the next few months. Supporting his last prediction of bitcoin rising above the $80,000 mark before the end of this year, the current CEO of Binance exchange has given further reasons why he believes in an upward trajectory for the world’s first cryptocurrency within the remaining few months.
Binance CEO Sees Bitcoin Doubling Up Soon
In a recent post on X (formerly Twitter), Binance CEO Richard Teng shared his positive outlook on bitcoin’s price. He presented a table showing Bitcoin’s price movements within six and twelve months after the past three halving events, providing a solid historical basis for his predictions.
At the time of the first bitcoin halving in 2012, bitcoin was trading at $12.3. It increased by 923% within six months, reaching $125.9 per BTC. After a year, it jumped to $890.3, a 7,043% increase. Following the 2016 halving, bitcoin increased by 289% within a year, from $657 to $2,608. Twelve months after the 2020 halving, bitcoin moved from $8,990 to $56,670, a 559% increase.
As part of his post, Teng reminded the crypto community that this is just three months after the recent bitcoin halving, and the price of bitcoin has yet to move significantly within the coming months.
He underscores the importance of a long-term perspective in investment decisions, particularly in the context of bitcoin’s recent halving. He said, “It’s important to take a long-term horizon when making investment decisions. Here’s a reminder that it’s only been three months after the recent Bitcoin halving.”
Binance CEO Teng also pointed out that the current period of ups and downs in the crypto industry, which has led investors into fear, is not new to the crypto market. The downward movement in the market is propelled by the German government’s massive bitcoin sale, Mt.Gox repayment, and U.S. government bitcoin transfers. .
In conclusion, Teng highlighted the importance of each crypto investor researching carefully before making any financial decision. He added, “Not financial advice. Always do your own research.”