Binance CEO Richard Teng believes that the price of bitcoin will be above USD 80,000 this year. Compared to other forecasts, this can be considered a very safe forecast.
Richard Teng is optimistic
Richard Teng commented on what he thinks about the current state of the cryptocurrency market during a conference in Bangkok on Sunday.
At first he didn't say anything revealing. He pointed out that spot BTC ETFs are something groundbreaking for the industry. This is already visible in the amount of capital flowing into them.
He then referred to his prediction that Bitcoin will reach an ATH of $80,000 this year. He explained that he is currently assuming higher levels. He pointed to “decreasing supply (as a result of halving) and still growing demand.” He did not provide any specific levels, but warned that the price increase would not look like a “straight line.” We see this now.
Many investors and well-known industry managers expect a significant increase in the price of bitcoin, driven by demand for ETFs. Galaxy Digital CEO Mike Novogratz predicts BTC will hit $100,000 this year. Bernstein analysts are now “more confident” that the cryptocurrency will rise to $150,000 by the middle of next year. Bitwise CIO Matt Hougan said that BTC could exceed $200,000 this year due to “too much demand and not enough supply.” Robert Kiyosaki expects to see $300,000 on the BTC chart.
Current market situation
Today, however, the market sentiment is not very good. Correction in progress. One bitcoin fell to USD 64,888, which means a decline of 5% since yesterday and 10% in 7 days. Ether costs $3,369. So it got hit even harder, because it lost 16% of its value in a week. Since yesterday it has dropped by 7%.
Despite all these stab wounds, the Fear and Greed Index still shows extreme greed (level 79).
