Bitwise Predicts Bitcoin Price to Surpass $80,000 in 2024
According to Bitwise, the price of Bitcoin (BTC) is expected to exceed $80,000 in 2024. This prediction comes after an impressive performance in 2023, where Bitcoin outperformed the S&P 500, gold, and bonds with a 128% increase.
Ryan Rasmussen from Bitwise recently shared 10 optimistic predictions for the cryptocurrency market in 2024. One of the main themes discussed was the rapid growth of the stablecoin market.
Bitcoin’s Potential Triggers: ETF And Halving
Two significant factors are expected to drive the value of Bitcoin in the coming year. The first is the release of a spot Bitcoin ETF in early 2024. This launch could attract substantial funding from institutional and retail investors.
The second trigger is the Bitcoin halving event scheduled for April or May 2024. This event will reduce the annual supply of new Bitcoin entering the market, effectively reducing supply by $6.2 billion at current rates.
In anticipation of regulatory approvals, there are speculations that BTC markets could experience an influx of up to $100 billion. However, ETF analyst James Seyffart remains skeptical about this estimate, considering it an overestimation of demand.
More Predictions From Bitwise
Bitwise also predicts that stablecoins will be used for more financial transactions than Visa. The market capitalization of stablecoins has grown from nearly nothing to $137 billion over the past four years and is expected to continue growing.
Circle CEO Jeremy Allaire believes that demand for stablecoins will soar as investors seek secure digital dollars with internet connectivity.
Furthermore, Bitwise anticipates significant advancements in the tokenization of real-world assets. They predict that JPMorgan may tokenize a fund on-chain as the market for tokenized assets expands.
Bitwise is the largest crypto index fund manager globally and is among the 13 financial institutions that have applied to the US Securities and Exchange Commission for an authorized spot Bitcoin ETF.
Hot Take: Bitcoin’s Bright Future
With Bitwise’s optimistic predictions for Bitcoin’s price and the potential triggers driving its growth, it seems that Bitcoin has a bright future ahead. The anticipated release of a spot Bitcoin ETF and the halving event in 2024 are expected to significantly impact Bitcoin’s value. Additionally, the continued growth of stablecoins and advancements in asset tokenization further contribute to the positive outlook for Bitcoin and the cryptocurrency market as a whole.
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