CEO of Binance exchange Richard Teng believes that the bitcoin price could break through the $80,000 level by the end of 2024. His prediction is driven by sustained high demand in the face of shrinking supply in the market

"I think we are at the very beginning of this bullish cycle. [...] Last year was frankly a bad year, and we are still feeling the effects of that. But at the same time, there are certain differences in this cycle. One of them is that bitcoin hit an all-time high even before the halving," Teng noted.

The CEO of Binance emphasized that he did not expect such a thing. Therefore, he believes that the first cryptocurrency will again update the historic high before the end of 2024 at the level of $80,000.