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Binance CEO sets Bitcoin price target above US$80,000 by the end of the year; Explain why
The Federal Reserve’s aggressive stance last week during the FOMC reduced institutional investor confidence, leading to large market outflows across all crypto exchange-traded products (ETPs). Last week alone, these outflows amounted to around 600 million dollars. Reflecting on these developments, it is evident that we are in a different phase now and this may be influencing Bitcoin’s recent decline to around $66,000.
At the Paul Barron Network, the host drew attention to a recent statement made by Binance CEO Richard Teng regarding Bitcoin Price. Teng predicts that Bitcoin will surpass $80,000 by the end of 2024, maintaining an even more optimistic outlook for 2025.
On the Bankless Podcast, he said: “My price for the end of this year is well over $80,000. I won’t give the exact price, but it’s much higher than my base price from last year. I think next year will be a much, much better year compared to this year. Something unique about this cycle – if you remember past cycles, it usually started with the Bitcoin rally, then filtered down to the other major coins, and finally the meme coins.”
He continued: “This cycle focused on Bitcoin and then jumped straight to meme coins. This is unique in that sense, something we haven’t seen in previous cycles. I think the market value will more than easily double. It’s hard to predict exactly, but it will easily more than double where we are now.”
At the time of writing, Bitcoin is trading below crucial $66K levels. The real currency is trading in the red zone while most altcoins are trading in the green zone. However, there is still no clear confirmation of a breakout in either direction.