The Federal Reserve’s hawkish stance last week during the FOMC lowered institutional investors’ confidence, leading to major market outflows across all crypto Exchange Traded Products (ETPs). Last week alone, these outflows amounted to about $600 million. Reflecting on these developments, it’s evident that we’re in a different phase now and this could be influencing Bitcoin’s recent decline to around $66,000.
On The Paul Barron Network, the host brought to attention a recent statement made by Binance CEO Richard Teng about Bitcoin price. Teng anticipates Bitcoin will exceed $80,000 by the close of 2024 while maintaining an even more optimistic outlook for 2025.
On the Bankless Podcast, he said, “My price for the end of this year is much higher than $80,000. I’m not going to give you 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 in this cycle—if you remember past cycles, it usually started with Bitcoin rallying, then filtered down to the other major coins, and finally to the meme coins.”
He continued, “This cycle focused on Bitcoin and then jumped straight to the meme coins. This is unique in that sense, something we haven’t quite seen in previous cycles. I do think the market cap will more than easily double. It’s hard to predict exactly, but it will easily more than double from where we are now.”
At the time of writing, Bitcoin is trading below the crucial $66k levels. The king coin 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.
Also Read : SEC Suspends its Investigation into Ethereum 2.0: Will This Be the Catalyst to Propell ETH Price to $4000?
