Richard Teng envisions Bitcoin continuing its record-breaking rally, projecting it to surpass the $80,000 mark by the end of the year. This optimism stems from the ongoing investment of institutional players in crypto ETFs, as stated by Teng during a conference in Bangkok, reported by Bloomberg.
Initially, Teng had predicted Bitcoin to close the year at around $80,000. However, he now believes it's likely to exceed this threshold due to diminishing supply and sustained demand. He emphasized that this projection represents his personal opinion and cautioned against expecting an immediate continuation of the rally.
Since the approval of Bitcoin spot ETFs in the United States in January, there has been a consistent influx into these funds. Teng anticipates that foundations and family offices will ramp up their investments in Bitcoin ETFs in the near future, further bolstering the market.
While Teng's outlook remains bullish, he acknowledges the unpredictable nature of the cryptocurrency market and the potential for fluctuations. Nonetheless, his insights reflect growing confidence among investors regarding Bitcoin's trajectory and its increasing institutional adoption.
