Binance CEO Backs BTC to Rise Within Months Citing Halving Data
As the global crypto market continues to struggle in the past couple of months, Richard Teng, the CEO of crypto exchange Binance, has backed his optimistic outlook for Bitcoin based on previous halving performance.
Past Halving Performance
In a Friday post on X, Teng shared his positive expectations for Bitcoin despite the price volatility the asset has been experiencing in months after the halving event.
He shared data showing Bitcoin performance post halving suggesting that the crypto asset still has enough time to attain new heights after the recent halving event which took place on May.
Based on historical data, Bitcoin value often experiences a significant decline before jumping to incredible heights six to twelve months later. For instance, the 2020 halving saw BTC’s price go from $8,990 to $15,694 in six months. A year later, the leading cryptocurrency by market value surged to $56,670.
Furthermore, he highlighted that markets including Bitcoin have their cycles of ups and downs. Therefore, taking a long-term perspective is crucial, especially post-halving.
“Markets are cyclical. Experiencing ups and downs is not uncommon. It’s important to take a long-term horizon when making investment decisions. Here’s a reminder that it’s only been 3 months after the recent Bitcoin halving”, he said.
Market Outlook
The crypto market saw a rapid rise during the start of the year with Bitcoin attaining a price above $73,700 in a march. However, the digital asset’s value has since been readjusted to lower prices. June was especially brutal, with total crypto market capitalization down about 11.4% month-on-month.
The decline in crypto prices has been fueled by several market events in recent weeks such as massive sell-off by the German government and repayment efforts from Mt. Gox. Their wallets’ activities caused selling pressure and stirred negative sentiment.
However, there has been some relief in the past couple of days thanks to consistent inflows of Spot Bitcoin exchange-traded funds (ETFs). Moreover, market analysts remain optimistic about the effect of post-halving in the coming months.
Meanwhile, the leading cryptocurrency traded at $65,632 at the time of writing, representing a 2.2% increase over the past 24 hours.
The post Binance CEO Backs BTC to Rise Within Months Citing Halving Data first appeared on Cointab.
