Bitcoin forecast to break US$80,000 barrier by year-end

Cryptocurrency prices, particularly Bitcoin, have experienced an unexpected surge this year. The world’s largest cryptocurrency exchange, Binance’s chief executive, Richard Teng, previously predicted Bitcoin would conclude 2024 at approximately US$80,000. However, current market trends indicate that Bitcoin could surpass that figure before the year ends.

Bitcoin’s popularity has been on the rise, reaching an all-time high of US$73,750 in mid-March. This represents a 56% increase since the start of the year, outperforming its 2021 peak of US$68,000. Despite a significant drop in value following the unsettling reports of high US inflation in February, Bitcoin managed to rebound, with its price exceeding US$70,000 for the first time in over a week.

The phenomenal rise in Bitcoin prices can be attributed to several factors. The launch of…