Bitcoin Predicted to Reach New All-Time High in 2024
According to Bitwise Asset Management, Bitcoin is expected to reach unprecedented heights with a new all-time high. The prediction is based on two key factors: the introduction of a spot Bitcoin ETF in early 2024 and the scheduled halving of new Bitcoin supply by the end of April.
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
Spot Bitcoin ETFs Expected to be Highly Successful
The approval and success of spot Bitcoin ETFs are projected to make them the most successful ETF launch in history. These ETFs are estimated to secure 1% of the $7.2 trillion U.S. ETF market over the next five years, amounting to $72 billion in assets under management.
Coinbase Revenue Set to Double
Bitwise predicts that Coinbase’s revenue will double, surpassing Wall Street projections by at least 10 times. This expectation is based on historical trends where Coinbase experiences increased trading volumes during bullish market phases.
Rise of Stablecoins as a Payment Method
The utilization of stablecoins for financial transactions is predicted to surpass Visa. Stablecoins have grown from virtually nothing to a $137 billion market in four years. The forecast for 2024 expects continued substantial growth in the use of stablecoins, surpassing traditional payment methods.
Transition from Crypto Winter to Crypto Spring
Bitwise’s Chief Investment Officer, Matt Hougan, anticipates short-term volatility and new all-time highs for Bitcoin within the next 6-12 months. He also declares the end of the crypto bear market and the transition to a “crypto spring.”
Hot Take: Bitcoin’s Path to New Heights in 2024
In 2024, Bitcoin is expected to reach new all-time highs fueled by the introduction of a spot Bitcoin ETF and the halving of new Bitcoin supply. The success of spot Bitcoin ETFs is projected to make them the most successful ETF launch in history, while Coinbase’s revenue is set to double. Additionally, stablecoins are predicted to surpass Visa as a preferred payment method. These forecasts align with Bitwise’s outlook for a transition from the crypto bear market to a “crypto spring.” Exciting times lie ahead for the crypto market in 2024.
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