On Dec. 13, Bitwise Invest research analyst Ryan Rasmussen predicted that Bitcoin will hit an all-time high of $80,000 in 2024.
He did not specify a month or quarter but said that two major catalysts will help get us there. These are the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new BTC supply around the end of April or early May.
With BTC currently trading at around $42,700, it would need to climb more than 87% to reach that new peak.
In 2024… Bitcoin will set a new all-time high, the spot bitcoin ETF will be the most successful ETF launch of all time, Coinbase’s revenue will double, and more…
Here are 10 Crypto Predictions for 2024 by the team at @BitwiseInvest
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— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Bitwise 2024 Predictions
The analyst also made a bold prediction about the size of the ETF market over the next five years.
“Within five years, we estimate spot bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, or $72 billion in AUM.”
Some have suggested that as much as $100 billion could flow into BTC markets following approvals. Commenting on the impact of that potential sum entering markets, ETF analyst James Seyffart said it was an “overestimation of demand.” “Gold ETFs have been around since 2004 in the U.S. and currently have ~$95 billion in assets here,” he added.
Additionally, some analysts believe spot ETF anticipation has already been factored into markets, and there may not be a big boom if they’re approved.
Rasmussen also predicted that more money will settle using stablecoins than using Visa.
Stablecoins are one of crypto’s “killer apps,” he exclaimed. They have grown from effectively zero to a $137 billion market in the past four years, and this growth will continue next year.
Ethereum revenue will more than double to $5 billion in 2024, the analyst predicted. This will make Ethereum “one of the fastest-growing large-scale tech platforms in the world.”
Other 2024 Predictions
The Bitwise researcher said that Coinbase’s revenue will double, “beating Wall Street expectations by at least 10 times.”
Trading volumes on the exchange usually surge during bull markets, and this is expected to happen again. Coinbase stock has already outperformed crypto markets so far this year, gaining more than 300%.
Finally, JPMorgan will tokenize a real-world assets fund and launch it on-chain with Wall Street banks following, he forecast.
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