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In crypto news today, crypto exchange Binance Chief Executive Officer Richard Teng argued that Bitcoin will continue its rally and rise above $80,000, according to Bloomberg.
This will come as institutional investors put more money into the crypto exchange-traded funds (ETFs), Ten said at an event in Bangkok on Sunday.
Per the CEO, the launch of spot Bitcoin ETF in the US earlier this year has attracted institutional investors and new fund flows. “We’re just getting started,” he said.
Moreover, Teng noted that he had previously predicted, in his personal opinion, that BTC would end the year at around $80,000.
However, he now forecasts the coin will surpass that “with supply reducing and demand continuing to come through.”
The rally won’t be a “straight line,” Teng said, but the ups and downs will be good for the market.
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