Bitwise forecasts Bitcoin at $80,000 in 2024
Per Bitwise Asset Management, 2024 predictions include Bitcoin reaching unprecedented heights with a new all-time high.
The Dec. 13 post on X suggests that the spot Bitcoin ETF is anticipated to be the most successful ETF launch ever, launching the cryptocurrency to potentially $80,000. Coinbase is projected to experience a remarkable doubling of its revenue.
Bitcoin’s new peak?
Ryan Rasmussen, a senior crypto research analyst at Bitwise Asset Management, shares in the first of 10 predictions that Bitcoin would reach a new all-time high. The ascent is attributed to two key factors: the imminent introduction of a spot Bitcoin ETF in early 2024 and the scheduled halving of new Bitcoin supply by the end of April.
The second forecast focuses on the approval and subsequent success of spot Bitcoin ETFs, which are projected to collectively achieve the title of the most triumphant ETF launch in history. Over the next five years, these ETFs are estimated to secure 1% of the $7.2 trillion U.S. ETF market, amounting to $72 billion in assets under management.
Another Bitwise prediction suggests that Coinbase’s revenue will increase twofold, exceeding Wall Street projections by a minimum of 10 times. The basis for this expectation lies in historical trends where Coinbase experiences heightened trading volumes during bullish market phases.
The thread follows up with the prediction that more financial transactions will be settled using stablecoins than Visa. Stablecoins, considered one of crypto’s “killer apps,” have burgeoned from virtually zero to a $137 billion market over the past four years. The forecast for 2024 anticipates continued substantial growth in the utilization of stablecoins, surpassing traditional payment methods such as Visa.
Entering a crypto spring
These predictions align closely with an earlier interview from Bitwise’s Chief Investment Officer, Matt Hougan, on Dec. 6, in which he anticipates short-term volatility following this year’s significant surge, a forecast that aligns with the outlook for new all-time highs for Bitcoin within the next 6-12 months.
Additionally, the CIO declares the conclusion of the crypto bear market, often referred to as crypto winter, and the transition to what he defines as a crypto spring.
