The report says that Teng sees Bitcoin exceeding $80,000 after earlier estimating that the flagship crypto asset would close 2024 at around that price.

According to the report, Teng’s bullish prediction for Bitcoin is premised on the fact that supply is falling while demand is “continuing to come through”.

Bitcoin is trading at $63,100, down by around 14% from the all-time high of $73,802 reached earlier this month. Since the start of the year, Bitcoin is up by around 50%.

Per the report, Teng is forecasting that a Bitcoin rally will not occur in a “straight line” and that corrections will be beneficial for the market.

Teng stepped into the top Binance executive role after the crypto exchange’s founder Changpeng Zhao resigned as CEO following accusations of flouting anti-money laundering laws.

Days after taking over from Zhao, Teng disclosed that he intended to position the giant crypto exchange for more growth while ensuring regulatory compliance. At the time, Teng said that the crypto exchange’s business fundamentals were “very strong”.

“Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.”

Don’t Miss a Beat – join our telegram channel  to get more updates: https://t.me/pichainmall_Gh

Source: Dailyhodl.com

Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.