Bitwise forecasts that the world’s largest cryptocurrency is poised to benefit from two positive catalysts in 2024, fueling a surge to a new all-time high of $80,000. Bitwise also predicted that stablecoins would settle more money than Visa in the same year.
BTC Eyes $80K In 2024 Amid Spot ETF Approval And Halving
Bitcoin has resumed its upsurge today after a momentary trip to nearly $40,000 earlier this week. The OG crypto is now trading for just under $43,400, a 0.1% rise over the week. In the past month, it’s up 18.4% — enough of a jump that Bitcoin has now overtaken Berkshire Hathaway and Elon Musk’s Tesla to become the world’s tenth most valuable asset by market capitalization.
However, the world’s largest crypto index fund manager, Bitwise, believes 2024 will be Bitcoin’s best year yet. In a Dec. 13 post on X, Bitwise’s senior research analyst Ryan Rasmussen outlined 10 bullish predictions for the crypto market next year, with one of the major themes being the explosive growth of the price of BTC.
According to Bitwise, Bitcoin will top the $80,000 milestone in 2024, spurred by two perfect catalysts. The first is the approval of U.S.-listed spot bitcoin exchange-traded-funds (ETF) — which will make it easier for institutional and retail investors to gain access to the cryptocurrency. Spot BTC ETFs are on track for a January 2024 approval as the Securities and Exchange Commission (SEC) continues to engage on the applications from filers. Bitwise is confident the arrival of these investment vehicles will be “the most successful ETF launch of all time”.
The other potential positive tailwind is the bitcoin halving — a mechanism to limit supply and expected to take place in late April 2024. This time, the reward will be cut to 3.125 BTC from 6.25 BTC. Historically, the event has increased bitcoin prices exponentially by creating scarcity-driven value for the asset, ultimately creating generational wealth for investors.
Other Predictions From Bitwise
Besides Bitcoin’s parabolic rally to $80K, Bitwise’s Ryan Rasmussen also predicted that stablecoins will be used to settle more volume than Visa payments volume in 2024. Rasmussen described stablecoins as one of cryptocurrency’s “killer apps”, noting that the asset-pegged assets will enjoy strong growth next year. Notably, stablecoin trading topped $5 trillion by the third quarter of 2023, while Visa processed at least $9 trillion in payments.
Additionally, Bitwise foresees a substantial revenue boost for Coinbase. It expects the leading American crypto exchange to double and exceed Wall Street’s expectations 10 times over. This surge will be buoyed by the expected ravaging Bitcoin bull market for 2024, the launch of cutting-edge products, and the company’s potential as the primary custodian for spot Bitcoin ETFs.