Binance’s new boss, Richard Teng, expects bitcoin (BTC) to blow past the $80,000 mark by the end of this year, according to Bloomberg.

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.