Bitcoin’s True Valuation to be Unveiled in 2024, Says Bitwise Invest CEO
Bitcoin (BTC) is currently aiming for a sustained rally as it strives to reach a new all-time high. The recent approval of a spot exchange-traded fund (ETF) and the upcoming halving are seen as key factors driving Bitcoin towards the $50,000 mark. Hunter Horsley, CEO of Bitwise Invest, believes that 2024 will reveal the true valuation of Bitcoin in the capital markets.
A New Era of Bitcoin Price Discovery
Horsley suggests that the introduction of Bitcoin ETFs has significantly changed the landscape of Bitcoin pricing. This has allowed for a broader participation in the market, leading to a new era of price discovery. The market will ultimately determine the value of Bitcoin, marking a shift in dynamics and expanding the number of investors.
Positive Impact on Market Structure
Digital assets prime brokerage firm Falcon X’s head of research, David Lawant, agrees with Horsley’s statement. He believes that the Bitcoin market structure has already undergone positive changes due to the introduction of ETFs. Trading volumes around the designated fix time for ETFs have increased significantly, indicating a more stable market with decreased volatility.
Bitcoin’s Price Trajectory and Grayscale Bitcoin Trust ETF
The positive sentiments surrounding Bitcoin’s potential slowdown in outflows from the Grayscale Bitcoin Trust ETF have contributed to its upward trajectory. However, despite the ETF approval, Bitcoin failed to rally immediately due to profit-taking from GBTC. As of now, Bitcoin is trading at $48,130 with daily gains of nearly 2%.
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