- Bitcoin is set to top $80,000 on strong ETF inflows, Binance CEO Richard Teng said.
- The head of the crypto exchange said momentum will remain high, though volatility will persist.
- After hitting a record high of $73,679 early last week, bitcoin tumbled back below $70,000.
Expect bitcoin’s latest rally that carried it to record highs this month to continue, with the token set to jump above $80,000 on continued strong inflows into ETFs, according to the CEO of Binance.
The boss of the world’s biggest crypto exchange, Richard Teng, said he now sees the crypto poised to jump past $80,000 after initially predicting it would end the year around that level.
“We’re just getting started,” Teng said at an event in Bangkok, per Bloomberg, emphasizing bitcoin’s continued momentum “with supply reducing and demand continuing to come through.”
He acknowledged that volatility would still shake the world’s biggest crypto and that the uptrend won’t be a “straight line.”
Bitcoin soared to its record high of $73,679 last week. Excitement has been fueled by the flurry of investor demand for the nearly dozen spot ETFs that were approved by regulators in January, as well as April’s halving event that will reduce the issuance of new tokens.
The cryptocurrency plunged back to $68,000 later in the week after notching its all-time high, but bitcoin forecasters are still bullish on the token’s steady rise throughout this year and in 2025.
Kris Marszalek, the CEO of Crypto.com, told CNBC on Friday that the current dynamics mirror December 2020 and January 2021. He said investors can expect a gradual rise and bitcoin is an asset that people will want to “hold for decades, not days or weeks.”
Bitcoin was trading at $68,522.1 as of 9:00 a.m. ET on Monday.