According to a Bloomberg report, Binance CEO Richard Teng said that by the end of this year Bitcoin He predicts that the price may reach an all-time high. The news states that Teng believes that BTC will exceed $ 80,000 and that he had previously predicted that it would close around this price.
Teng’s bullish prediction for Bitcoin is based on the fact that demand will continue despite the supply decreasing. Bitcoin, which hit an all-time high earlier this month, is currently trading at $63,100, down nearly 14%. However, the value of BTC has increased by approximately 50% since the beginning of the year.
According to Teng, as Koinfinans.com reported, the Bitcoin rally will not occur in a straight line and corrections will be beneficial for the market. Teng was appointed to the top executive role after former CEO of crypto exchange Binance, Changpeng Zhao, resigned as CEO following accusations that he violated anti-money laundering laws.
Days after taking over from Zhao, Teng announced that he aimed to bring Binance into regulatory compliance while also exploring growth opportunities. Teng stated at the time that the exchange’s business fundamentals were solid, “Binance maintains its leadership in volume as the world’s largest crypto exchange. “Our capital structure is debt-free, our expenses are low, and we generate solid revenues and profits despite the low fees we charge our users.”
