Bitwise Predicts Bitcoin ETF Approval Propels Surge to $80,000 Milestone in 2024!

Key Points:

Bitcoin predicted to surge to an all-time high of $80,000 by Bitwise analyst.
Catalysts include the anticipated launch of a spot Bitcoin ETF and BTC supply halving.
Comprehensive 2024 predictions encompass ETF success, Ethereum growth, and stablecoin dominance.

Bitwise Invest’s research analyst, Ryan Rasmussen, has made a bold prediction that Bitcoin ETF approval will surge to an all-time high of $80,000 in 2024.

While Rasmussen didn’t pinpoint a specific month or quarter, he outlined two pivotal catalysts driving this forecast. First, the eagerly awaited launch of a spot Bitcoin ETF in early 2024, and second, the scheduled halving of new BTC supply expected around the end of April or early May.

Given Bitcoin’s current trading price of approximately $42,700, Rasmussen’s projection implies an 87% climb to achieve the envisioned peak.

Bitwise Analyst Forecasts $80K ATH in 2024!

In addition to the Bitcoin price prediction, Rasmussen shared Bitwise‘s broader outlook for 2024, including projections that the spot Bitcoin ETF will mark the most successful ETF launch in history, Coinbase’s revenue will double, and more.

Notably, Rasmussen offered an ambitious estimate for the spot Bitcoin ETF market’s growth over the next five years. He anticipates that within this period, spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, translating to $72 billion in assets under management (AUM). This forecast has sparked discussions about the potential influx of $100 billion into BTC markets following regulatory approvals.

However, some analysts caution that the anticipation of spot ETFs may already be factored into the markets, potentially mitigating a significant price surge if approved.

Beyond Bitcoin, Rasmussen foresees stablecoins playing a pivotal role in settlements, surpassing Visa in terms of money settlement. Stablecoins have rapidly grown to a $137 billion market in the past four years, a trend expected to continue in 2024.

Additionally, Ethereum is poised for substantial growth, with Rasmussen predicting a more than doubling of revenue to $5 billion in 2024, making it one of the fastest-growing large-scale tech platforms globally.

Bitwise’s predictions extend to Coinbase’s revenue doubling, surpassing Wall Street expectations significantly, and JPMorgan venturing into tokenizing real-world asset funds, potentially initiating a broader trend on-chain.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.