Spot ETF Launch & Halving: Bitcoin Predicted to Reach $80,000 in 2024

• Ryan Rasmussen's Predictions for the Crypto Market in 2024
• Predicted Spike in Bitcoin
• Spot Bitcoin ETF's Predicted Success
• Projected Increase in Coinbase's Revenue
• Stablecoins Overtaking Visa
• Industry Agreement on Stablecoin Growth

Ryan Rasmussen's Predictions for the Crypto Market in 2024

Ryan Rasmussen, a distinguished crypto research analyst at Bitwise Asset Management, offers a slew of daring predictions for the cryptocurrency environment in 2024. One significant expectation that stands out is Bitcoin$42,260 -0.64% potentially reaching a new peak of $80,000. This surge is anticipated to be fueled by the upcoming debut of a spot Bitcoin ETF and the planned reduction of new Bitcoin supply by the end of April.

Predicted Spike in Bitcoin

Rasmussen bases his predictions on two main elements. The first one is the scheduled launch of a spot Bitcoin ETF in the early parts of 2024, which is expected to play a critical role in pushing Bitcoin to never-before-seen heights. This occurrence is perceived as a transformative factor that can draw substantial institutional investments into the Bitcoin market. Moreover, the forecasted halving of new Bitcoin supply by April 2024 might increase the asset's scarcity, potentially triggering increased demand and consequent price escalations.

Spot Bitcoin ETF's Predicted Success

Bitwise not only anticipates the regulatory approval of the spot Bitcoin ETF but also imagines its introduction to be the most successful in ETF history. They project these ETFs to collectively capture 1% of the $7.2 trillion U.S. ETF market, amassing $72 billion in assets under management within the next five years. Currently, Bitwise is actively seeking approval for a spot Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC).

Projected Increase in Coinbase's Revenue

Another noteworthy prediction from Bitwise centers on Coinbase, a leading cryptocurrency exchange. Rasmussen predicts a 100% increase in Coinbase's revenue, exceeding Wall Street forecasts by at least ten times. This hopeful perspective is based on past trends, with Coinbase witnessing enhanced trading volumes during bullish market cycles. In the grand scheme of things, Coinbase is set to be a major player prepared for significant growth in the 2024 bull market.

Stablecoins Overtaking Visa

Bitwise's forecasts go beyond Bitcoin and exchanges to include stablecoins. The research analyst predicts that stablecoins will collectively handle more financial transactions than payment giant Visa in 2024. Stablecoins, often viewed as one of crypto's standout use cases, have experienced significant growth, reaching a market cap of $137 billion over the past four years. The expectation for 2024 is for stablecoins to continue their ascendance, outperforming traditional payment methods like Visa.

Industry Agreement on Stablecoin Growth

Bitwise's positive outlook on stablecoins aligns with the broader industry consensus. Key industry figures, including Circle CEO Jeremy Allaire, predict an upsurge in demand for stablecoins in the forthcoming years. Allaire stresses the increasing hunger for digital dollars on the internet, indicating a distinct demand beyond those looking for currency or store-of-value hedges.

As these predictions materialize, they offer insights into the possible direction of the cryptocurrency market, hinting at fascinating developments and opportunities in future.

Edited by Jonathan Stoker