Bitwise, a crypto index fund manager, has predicted a bullish price for bitcoin that would take it beyond its current all-time high. bitcoin is currently in bullish sentiment and the price has doubled this year. But according to this fund manager, this sentiment will continue for the next year. In a recently published report, Bitwise predicted that btc will reach $80,000 in 2024, identifying two major catalysts that will cause cryptocurrencies to skyrocket.
Bitwise predicts $80,000 worth of bitcoin
In its crypto-Predictions-for-2024.pdf” target=”_blank” rel=”nofollow”>report, Bitwise laid out 10 things to watch for in the cryptocurrency industry in 2024, one of which included the price trajectory of cryptocurrencies. The world's largest cryptocurrency has outperformed other asset classes in terms of price performance this year. Data shows that bitcoin is currently up over 125% this year, and many analysts believe this growth will not stop anytime soon. By comparison, the S&P 500 returned 21% this year.
2023 was a great year for cryptocurrencies. But we see even brighter things ahead. In this must-read report, the Bitwise research team presents ten bold predictions for 2024. https://t.co/d8Pa4NkzJU
– Bit by bit (@BitwiseInvest) December 13, 2023
In its first prediction, Bitwise predicted that bitcoin would trade above $80,000 in 2024, setting a new all-time high. A major catalyst for this growth is the highly anticipated launch of spot bitcoin ETF in USA A spot ETF would allow mainstream investors to gain direct exposure to the currency through traditional investment companies.
bitcoin has reacted mostly positively to various news regarding spot ETFs this year. The launch is set to be the most successful ETF launch, with bitcoin-road-to-riches-hayes-foresees-1-million/” target=”_blank” rel=”nofollow”>many analysts estimate that A spot ETF could push bitcoin past $100,000 in its first year.
bitcoin slightly above the $42K level today. Chart: TradingView.com
The other potential catalyst is upcoming bitcoin halving, one of the most anticipated events in the crypto industry. bitcoin's next halving is scheduled for April 2024, which will reduce mining rewards from its current 6.25 btc to 3.175 btc per block. According to Bitwise, at the current price of bitcoin, the next halving will lead to a reduction of $6.2 billion in new Bitcoins entering the market each year until another halving.
The halving, along with the anticipated frenzy after spot bitcoin ETFs are approved, is expected to significantly tip the balance between supply and demand. We could even see a rise in the price of bitcoin as the halving approaches, as investors buy in hopes of getting ahead of a price rally.
Other bitwise predictions
Other predictions in the Bitwise report paint a picture of a prosperous year for the crypto industry in 2024, widespread acceptance, and increased institutional interest. One particular bullish prediction is the growth of stablecoins, with Bitwise estimating that there will be more payments in stablecoins than Visa.
Other predictions include J.Morganthe largest bank in the world, launches a tokenized fund that uses blockchain technology, ethereum Annual revenue doubles as transactions increase and cryptocurrencies become the native currency of the Internet.
Featured image from Shutterstock
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
