Teng said,"with supply reducing and demand continuing to come through,” he expects the world’s largest cryptocurrency to cross his previous estimate of $80,000.
The crypto market has been steadily reaching new highs this year on the back of the spot bitcoin ETF approval in the U.S., with bitcoin crossing $73,000 for the first time last week. The market rally, which is being driven by institutional adoption, has turned many financial firms bullish on crypto. On Monday,Family offices and endowment funds will also increase their investment in bitcoin ETFs in the near term, the report said, citing Teng. Teng was speaking at an event in Bangkok on Sunday and also said the rally won’t be a “straight line,” and the ups and downs will be good for the market, the report said.