Binance CEO Richard Teng is predicting that Bitcoin (BTC) could reach a new all-time high by the end of this year, according to a Bloomberg report.

The report says that Teng sees Bitcoin exceeding $80,000 after earlier estimating that the flagship crypto asset would close 2024 at around that price.

According to the report, Teng’s bullish prediction for Bitcoin is premised on the fact that supply is falling while demand is “continuing to come through”.

Bitcoin is trading at $63,100, down by around 14% from the all-time high of $73,802 reached earlier this month. Since the start of the year, Bitcoin is up by around 50%.

Per the report, Teng is forecasting that a Bitcoin rally will not occur in a “straight line” and that corrections will be beneficial for the market.

Teng stepped into the top Binance executive role after the crypto exchange’s founder Changpeng Zhao resigned as CEO following accusations of flouting anti-money laundering laws.

Days after taking over from Zhao, Teng disclosed that he intended to position the giant crypto exchange for more growth while ensuring regulatory compliance. At the time, Teng said that the crypto exchange’s business fundamentals were “very strong”.

“Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.”

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