Bitcoin to Hit $80,000 in 2024, Boosted by BTC Spot ETFs and Bitcoin Halving as Cryptocurrencies Go Mainstream, Bitwise Says

bitcoin will surpass $80,000 in 2024 to a new all-time high driven by the launch of spot bitcoin ETFs (exchange-traded funds) and the btc halving, Bitwise said.

bitcoin spot ETFs will stimulate a “wave of new capital” from investors that will reach $72 billion within five years and will begin driving demand for bitcoin next year, it said in a Dec. 12 statement. crypto-Predictions-for-2024.pdf”>note.

The bitcoin halving will halve the supply of new btc produced starting in April or May, reducing the equivalent of $6.2 billion in new bitcoin entering the market each year at current prices, he added.

“We believe we are on the cusp of the dominant era of cryptocurrencies,” the report says. “The moment when cryptocurrencies come out of the shadows and establish their place in the real world, in the long term.”

In 2024… bitcoin will set a new all-time high, the bitcoin spot ETF will be the most successful ETF launch of all time, Coinbase revenue will double, and more…

Here are 10 crypto predictions for 2024 from the team at @BitwiseInvest

-Ryan Rasmussen (@RasterlyRock) December 13, 2023

Other bit-by-bit predictions for 2024

Other Bitwise predictions include the following:

• ethereum revenue to rise to $5 billion amid high demand for crypto applications. ethereum will be among the “fastest growing large-scale technology platforms” in 2024. A major ethereum upgrade, EIP-4844, could reduce transaction costs by more than 90%, paving the way for more crypto applications.

• The 2024 bull market will also see Coinbase's revenue double to beat Wall Street estimates by at least 10x.

• More money will be settled using stablecoins than using Visa.

• JPMorgan will tokenize a fund and launch it on-chain as Wall Street prepares to tokenize real-world assets.

• 1 in 4 financial advisors will allocate cryptocurrencies to their clients' accounts by the end of 2024.

Separately, Bitwise said it is already making plans for a spot bitcoin ETF. Chief Investment Officer, Matt Hougan, bitcoin-etf-211527722.html” target=”_blank” rel=”noopener”>saying that it was “preparing as if there were going to be a launch.”

The Bitwise Spot bitcoin ETF is listed on the Depository Trust and Clearing Corporation (DTCC) website under the symbol $BITB.

ONLY IN: Spot bit by bit bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF has been listed on the DTCC under the symbol $BITB. pic.twitter.com/WWR1wCbtDS

— Watcher.Guru (@WatcherGuru) December 14, 2023

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