Binance CEO Richard Teng sees BTC crossing the $80,000 mark later this year based on sustained flows into Bitcoin ETFs.
Richard Teng, the CEO of crypto exchange Binance, has predicted that bitcoin (BTC) will rise above $80,000 before the end of year.
Richard Teng’s BTC Predictions
According to Teng, bitcoin will continue its record-breaking rally above $80,000 as investors pour more money into bitcoin exchange-traded funds (ETFs).
At an event yesterday, the CEO said that the approval of bitcoin ETFs in January has drawn many institutional investors into acquiring BTC. This is evident as the bitcoin ETF now ranks as the fourth-best ETF in the world. Moreover, Spot bitcoin ETFs have recorded a massive daily inflow of up to $1.05 billion.
“There has been relentless inflows into spot bitcoin ETFs since they were approved in January. More endowments and family offices are expected to step up allocations into Bitcoin ETFs in the near term,” Teng said.
The CEO indicated that he had earlier predicted for bitcoin to end the year close to $80,000. However, with the rapid increase in demand for the cryptocurrency and the upcoming bitcoin halving scheduled for April, which will lead to a decrease in supply, he sees bitcoin rising above $80k before the year ends.
Additionally, he noted that this will not be a straightforward uptrend. Rather, the market will be filled with instabilities before attaining that price but the up and down movement will benefit the market.
Teng also made it clear that these are his personal views on the bitcoin price movement.
Known Effects of Bitcoin ETFs
Following the approval of Spot Bitcoin ETF in January, the price of bitcoin has jumped above its previous all-time high (ATH) of $69,000 to hit a new ATH of around $73,700 last week.
Many investors easily acquire bitcoins via ETFs without going through the tedious process of buying the cryptocurrency from various crypto exchanges. Investing through ETFs also saves investors from the risk of wallet hacks.
As the bitcoin halving approaches, the cryptocurrency remains bullish as many investors who predict new ATHs after halving have continued to acquire more bitcoins before the halving in April.
