Bitwise: Bitcoin to Hit $80K, ETFs Rise

Dec. 14, 2023
Bitwise: Bitcoin to Hit $80K, ETFs Rise

Bitcoin has staged a strong recovery over the past few days from a significant retracement and has already broken through several key areas of resistance. With the end of 2023 ahead, the crypto space is cluttered with predictions over Bitcoin’s performance in 2024. Ryan Rasmussen, a research analyst working for Bitwise, has gathered next year’s ten most promising crypto forecasts.

First among the predictions is the anticipation of the ascending of Bitcoin to trading above $80,000, reaching a new all-time high. About two pivotal catalysts are about to propel this surge, from an imminent launch of a spot Bitcoin ETF in early 2024 and halving new Bitcoin supply around the end of April.

The Bitwise team also envisions Spot Bitcoin ETFs, which, if launched, would represent collectively the most successful ETF launch in history. The company’s report indicates potential growth. The investment manager estimates that spot Bitcoin ETFs could accumulate $72 billion in assets within five years, capturing 1% of the $7.2 trillion US ETF market.

Crypto Projections 2024

Furthermore, the third prediction predicts that Coinbase, the largest cryptocurrency exchange today, will double its revenues. As observed in previous bull markets, predictions anticipate that trading volumes will rise ten times or more than Wall Street had assumed. Additionally, the company successfully introduced new product offerings.

Bitwise also delves into stablecoins, predicting that more money will settle using stablecoins than via Visa. Stablecoins have evolved into one of crypto’s “killer apps,” the market has expanded to $137 billion over the past four years. Anticipations for 2024 indicate substantial growth in stablecoin usage.

For Ethereum, the crypto platform experiences a revenue surge surpassing $5 billion, fueled by an influx of users into crypto applications. Projected estimates indicate that fees paid to use Ethereum will at least double in 2024. This sizzling projection places Ethereum alongside the highest-growing large-scale tech platforms globally.

Bitcoin Adoption to Reach 25% Among Financial Advisors by 2024

The anticipated Ethereum upgrade will substantially reduce average transaction costs, lowering them to less than $0.01. This improvement is solely attributed to a major upgrade within the Ethereum network. Implementing EIP-4844 would result in an incredible 90%+ reduction in the cost of transacting with cryptocurrencies on the Ethereum platform. This would significantly enhance its usability for everyday spending.

Moreover, the final prediction anticipates a pivotal shift among financial advisors. By the end of 2024, projections indicate that 1 in 4 advisors will allocate cryptocurrency to client accounts. This expectation is based on the ease of accessibility to Bitcoin, foreseeing a rising adoption trend among advisors. The increasing prominence of cryptocurrency in client portfolios drives this.

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Rida Fatima

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An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.