Bitwise: Bitcoin to hit $80,000 in 2024 after ETF approval

In 2024, Bitcoin will set a new all-time high at $80,000 thanks to the approval of the spot ETF based on it and halving. Bitwise issued this forecast.

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

Here are 10 Crypto Predictions for 2024 by the team at @BitwiseInvest

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— Ryan Rasmussen (@RasterlyRock) December 13, 2023

Analysts outlined ten potential scenarios for the year ahead. In addition to those above, they are as follows:

• Coinbase revenue will double, beating analysts’ expectations by at least tenfold (thanks to custodial services for ETF providers and the expansion of the product lineup);
• settlements in stablecoins will surpass Visa’s volume;
• JPMorgan will tokenize a fund amid growing Wall Street interest in moving RWA to the blockchain;
• Ethereum revenues will rise from $2.3 billion to $5 billion and above as dapps move into the mainstream;
• Taylor Swift will launch an NFT to engage with fans in a new way;
• AI-powered semi-autonomous assistants will begin to use cryptocurrency more actively to pay for online purchases;
• the volume of prediction markets will exceed $100 million as they establish themselves in the role of killer app.
• Dencun hard fork in the Ethereum network will lower the average transaction cost in L2-blockchains from $0.14 to $0.01, paving the way for mass crypto adoption.

As an additional scenario, analysts predicted that by the end of 2024 one in four financial advisers will include digital assets in clients’ investment portfolios.

According to experts, a spot Bitcoin ETF could capture 1% of a $7.2 trillion market over five years. In this regard, their forecast looks ‘mid-range’ for the industry.

Earlier, VanEck presented their outlook for the future of the crypto market.

Hashdex forecasted the start of trading for spot Bitcoin ETFs in the second quarter of 2024.