In the ever-changing realm of cryptocurrency, Bitcoin remains a focal point for investors and enthusiasts. Bitwise, a prominent player in the industry, has recently unveiled its forecast for Bitcoin’s price trajectory in the years ahead.
Based on their meticulous analysis, Bitwise anticipates an explosive surge in Bitcoin’s value, surpassing its previous all-time high and soaring beyond $80,000 by 2024. This surge is expected to be propelled by the approval of a spot Bitcoin ETF and the impending Bitcoin halving in April 2024.
Furthermore, Bitwise envisions continued growth in stablecoins, with transaction volume settled in these digital assets potentially surpassing that of behemoth Visa. The forecast also encompasses the Ethereum network, projecting a doubling of fees paid for using the platform due to the rising popularity of crypto applications like NFTs and DeFi.
These predictions indicate significant growth and adoption of cryptocurrency in various sectors on the horizon.
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…
— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Here are 10 Crypto Predictions for 2024 by the team at @BitwiseInvest
Bitwise Bitcoin Price Prediction
Bitwise thinks Bitcoin’s price will go way up, hitting above $80,000 by 2024. This would beat its highest price ever. They have a few reasons for believing this.
One big reason is that they expect a new Bitcoin exchange-traded fund (ETF) to be approved in early 2024. This ETF will let more people easily invest in Bitcoin, which could make its price jump.
Another event, the Bitcoin halving in April 2024, is also likely to make the price go up. This is when the reward for mining new Bitcoins gets cut in half, which can make Bitcoins more rare and valuable.
Bitwise is really sure about its guess. They also plan to have the most successful ETF, with $72 billion in assets in 5 years. If Bitcoin’s price does what Bitwise says, it could really shake up the whole cryptocurrency market.
Everyone who likes crypto is watching to see if Bitwise’s big prediction comes true.
Stablecoin Growth and Adoption
Stablecoins are becoming more popular in the world of digital money. These are special types of digital money that don’t change in value a lot. Since they started four years ago, stablecoins have gotten really big. Now, they are worth $137 billion. Experts at Bitwise think that in 2024, people will use stablecoins for buying and selling things more than they use Visa credit cards. Even big banks like JPMorgan are getting interested in stablecoins. Bitwise says JPMorgan might even use blockchain, which is a special kind of computer system, to manage an investment fund next year.
People like stablecoins because they are steady and don’t go up and down in value as much as other cryptocurrencies. This makes them a good choice for people who want to invest money or use them for trading. As more people start to use stablecoins, they will have a bigger effect on the digital money market.
Ethereum Network and Crypto Trends
The Ethereum network is growing fast in the world of digital money, called cryptocurrency. A company called Bitwise, which is really good at creating crypto funds, says the money people pay to use Ethereum will go up a lot. They think it will reach over $5 billion, which is twice as much as before. Why? Because people really like using crypto for things like NFTs—those are unique digital items you can own—and DeFi, which is like a bank but online and without the actual bank.
Bitwise also sees some cool new trends coming up in crypto. They think famous singers, maybe even Taylor Swift, will start selling their songs as NFTs. Plus, they believe that smart computer programs, called AI, will start using crypto to buy stuff for us. They’re also expecting that a lot of money, over $100 million, will go into what are called prediction markets, where you can bet on future events.
What’s more, Bitwise thinks that one out of every four financial advisors will start adding crypto to the money plans they make for their clients. This means more and more people will be using crypto. Bitwise is really positive and thinks a whole bunch of people are going to start using crypto a lot more.
