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<p class="is-style-lead">Binance CEO Richard Teng predicts Bitcoin’s value will surpass the $80,000 mark amid increasing investments in crypto-backed exchange-traded funds.</p>
<p><a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> CEO Richard Teng foresees Bitcoin’s price surpassing the $80,000 mark amid a surge in investments in crypto-backed exchange-traded funds (ETFs), Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-03-17/binance-ceo-teng-sees-bitcoin-topping-80-000-on-etf-inflows" target="_blank" rel="noopener noreferrer nofollow">reports</a>.</p>
<p>Teng, who <a href="https://crypto.news/richard-teng-takes-the-helm-at-binance-promising-a-shift-away-from-outlawed-behaviour/" target="_blank" rel="noopener noreferrer nofollow">became</a> Binance CEO following the departure of the exchange’s founder Changpeng Zhao in November 2023, emphasized the substantial influx of capital from institutional investors into spot <a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>, particularly following regulatory <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">approval</a> for such products earlier this year by the U.S. Securities and Exchange Commission.</p>
<p>Expressing optimism about Bitcoin’s ongoing growth trajectory, Teng remarked that the market is “just getting started.” Initially forecasting <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> to end the year at around $80,000, Teng now anticipates the price of the cryptocurrency to grow even higher “with supply reducing and demand continuing to come through.”</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-btc-may-hit-83k-before-halving-kevin-svenson/" rel="noopener noreferrer nofollow"> Bitcoin may hit $83k before halving event, analyst Kevin Svenson predicts </a></p>
<p>Despite a <a href="https://crypto.news/bitcoin-retreats-from-record-high-amid-analyst-warnings-of-20-market-correction/" target="_blank" rel="noopener noreferrer nofollow">recent dip</a> below the $69,000 mark, Bitcoin has appreciated by over 55% this year, sparking concerns of a potential speculative bubble and triggering periods of volatility and sell-offs among certain investors.</p>
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<p>However, Crypto.com CEO Kris Marszalek characterized the recent sell-off as a “healthy move” in a CNBC <a href="https://www.youtube.com/watch?v=u3KArEgmqFw" target="_blank" rel="noopener noreferrer nofollow">interview</a>, suggesting it serves to alleviate accumulated leverage within the market. Marszalek highlighted that current on-chain activity mirrors that of December 2020 to January 2021, noting that volatility is “actually pretty low compared to what we have seen in previous cycles.”</p>
<p>Crypto industry leaders generally appear to share a positive outlook for Bitcoin’s future, anticipating further growth barring unforeseen events. As crypto.news earlier <a href="https://crypto.news/bitcoin-will-settle-at-55k-before-setting-new-all-time-high-novogratz-says/" rel="noopener noreferrer nofollow">reported</a>, Galaxy Digital CEO Michael Novogratz expects potential corrections and consolidation to the mid-$50,000 range, before Bitcoin could take off “to the new high.”</p>
<p>Read more: <a href="https://crypto.news/bitcoin-halving-marathon-digital/" rel="noopener noreferrer nofollow"> Marathon Digital CEO predicts $43k Bitcoin break-even post-halving </a></p>

Binance CEO sees Bitcoin soaring above $80k as demand continues to come

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