Bitcoin's Price Drop 21% From High, Binance CEO Predicts Upward Momentum

Binance CEO Richard Teng recently shared his market prediction for Bitcoin, the leading cryptocurrency by market capitalization. Teng foresees an "upward momentum" for Bitcoin and advises both nations and corporations to act promptly or risk facing higher costs in the future. In a tweet from his official X account, Teng emphasized that early adopters of Bitcoin will reap the benefits of its upward trajectory, while those who delay may end up paying a premium.

Teng's remarks come at a time when Bitcoin is attracting increased attention, driven by rising institutional demand and growing interest from sovereign wealth funds and nation-states. However, recent macroeconomic concerns have weighed heavily on Bitcoin's price, causing it to drop nearly 21% from its all-time high of $109,114 reached in January this year.

Teng's tweet not only serves as a market prediction but also as a cautionary note: early adopters stand to gain the most, while those who delay may face the risk of buying at a much higher cost. This sentiment is echoed by the growing institutional interest in Bitcoin, with corporations currently owning about 688,000 Bitcoins, or 3.28% of BTC’s total supply, which is capped at 21 million coins.

Strategy, a prominent corporation in the Bitcoin space, has been a clear leader in this regard, outperforming other major corporations by a substantial margin. Last week, Strategy purchased an additional $285.8 million in Bitcoin. From April 7 to April 13, Strategy acquired 3,459 Bitcoin at an average price of around $82,618. According to the data, the corporation spent $7.79 billion on Bitcoin in the first quarter, reporting nine purchases in the same period.

Teng's prediction aligns with the broader trend of increasing institutional adoption of Bitcoin. As more corporations and nations recognize the potential of Bitcoin, the cryptocurrency's upward momentum is expected to continue. However, the current macroeconomic environment poses challenges, and the future price of Bitcoin will depend on various factors, including regulatory developments and market sentiment.