The CEO of the largest crypto exchange Binance, Richard Teng, named a possible reason due to which the Bitcoin rate will rise above $80,000 by the end of 2024.

Speaking at an event in Bangkok, Richard Teng noted that spot Bitcoin ETFs, launched in the US earlier this year, have already begun to attract significant inflows from institutional investors. According to Teng, this is just the beginning, and in the future the influx of funds into cryptocurrency ETFs will increase. This will be the main prerequisite for Bitcoin’s growth above $80,000, Teng is sure.

In addition, the demand for cryptocurrency continues to grow, and the supply of coins is decreasing, which will be facilitated by the upcoming April halving. However, the Binance executive warned that Bitcoin's bullish rally will not follow a straight path. Crypto assets can experience both ups and downs, and this volatility plays into the hands of the crypto market.

Previously, Teng surveyed his subscribers about the possible price of Bitcoin by the end of 2024, offering them options: $40,000, $80,000 and $120,000. Interestingly, the survey results confirmed the bullish sentiment of investors and traders – many of them believe that the first cryptocurrency will reach $120,000 .

“Many good things in cryptocurrency consist of three letters or syllables – BTC, BNB, ATH, To The Moon… Three is considered a lucky number in numerology and among the Chinese, it is associated with luck, success and abundance,” wrote Teng on social network X.

Teng took over as CEO of Binance in November 2023 when exchange co-founder Changpeng Zhao resigned following a $4.3 billion settlement with US authorities. Zhao pleaded guilty to failing to comply with anti-money laundering (AML) regulations and Bank Secrecy Act (BSA).