According to Bitwise, Bitcoin (BTC) is expected to trade above $80,000 in 2024. This projection comes after a remarkable performance in 2023.
Bitcoin has outperformed major asset classes, surging by 128% compared to the S&P 500's 21%, gold's 12%, and bonds' 2%.
The prediction for 2024 is underpinned by significant developments in the cryptocurrency sector and macroeconomic factors.
Bitcoin's bullish trajectory
Two major catalysts are anticipated to propel Bitcoin's value in the coming year. The first is the expected launch of a spot Bitcoin ETF in early 2024, which could attract a wave of new capital from both retail and institutional investors.
The second is the upcoming Bitcoin halving event in April or May 2024, which will halve the amount of new Bitcoin entering the market each year, effectively reducing the supply by a value equivalent to $6.2 billion at current prices.
This combination of increased demand and decreased supply is a fundamental factor driving the optimistic price prediction.
Other crypto predictions by Bitwise
Apart from Bitcoin's price surge, Bitwise has made several other key predictions. The firm anticipates the approval of spot Bitcoin ETFs, projecting them to be the most successful ETF launch in history.
Furthermore, Bitwise predicts a significant revenue boost for Coinbase. It expects the top US exchange to double and beat Wall Street's expectations by at least 10x. This rally will be driven by the bull market, innovative product launches, and the firm's likely role as the primary custodian for most Bitcoin ETFs.
Additionally, Bitwise foresees major movements in the tokenization of real-world assets, with J.P. Morgan potentially tokenizing a fund on-chain as the market for tokenized assets is projected to expand significantly.
Finally, the firm expects pop superstar Taylor Swift to dive into the NFT sphere.
Vladislav Sopov
Gamza Khanzadaev
Denys Serhiichuk
