Crypto asset manager Bitwise, also one of the many candidates to launch a Bitcoin (BTC) exchange fund in the US, expects a new record price for Bitcoin by 2024. Additionally, Bitwise has published numerous other bullish predictions for the crypto market next year
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Bitcoin rises to $80,000 thanks to exchange funds and halving
Ryan Rasmussen, senior research analyst at Bitwise, shared the predictions with his nearly 6,000 followers on social media platform X yesterday.
In 2024… Bitcoin will hit a new all-time high, the spot Bitcoin ETF will be the most successful ETF launch ever, Coinbase revenue will double, and more…
Here are 10 crypto predictions for 2024 from the team at @BitwiseInvest
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— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Looking at Bitcoin, the Bitwise team expects a price of $80,000. This would replace the current one All-time high The value of around 69,000 US dollars reached in November 2021 would be exceeded by around 16 percent.
The two main catalysts that will open the doors to a new bull market, according to Bitwise, are the expected launch of a Bitcoin exchange fund or spot Exchange Traded Fund (ETF) and the upcoming Bitcoin halving that will take place sometime in April.
According to Bitwise, the United States will launch Bitcoin exchange funds early next year. “Overall, they will be the most successful ETF launch ever,” Bitwise added. The asset manager estimates that BTC spot ETFs could capture 1 percent of the $7.2 trillion U.S. ETF market within five years.
Other crypto predictions
Rasmussen has shared a number of other crypto-related predictions. For example, the Bitwise team expects stablecoins to dethrone payment processor VISA in terms of total transaction value next year. Additionally, they expect the total turnover of the Ethereum (ETH) network to more than double to $5 billion. This year, total Ethereum transaction fees will be approximately $2.3 billion.
Another notable prediction points to a massive drop in Ethereum transaction fees. Bitwise expects Ethereum Improvement Proposal (EIP) 4844, better known as “Proto-Dankharding,” to reduce fees below $0.01
The listed crypto exchange Coinbase was also discussed in the forecast series. According to Bitwise, the exchange’s total turnover will double next year to at least $5.690 billion.
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