Bitwise is predicting that Bitcoin’s price could soar past $80,000 in 2024 due to several catalysts, one of which is the anticipated launch of a spot Bitcoin ETF in early 2024 and a flurry of investments due to a Bitcoin halving event around the end of April 2024. These predictions are backed by a rising usage of regulated and secure stablecoins, and tokenization of real assets is also becoming increasingly popular.
Bitcoin is trading slightly below the $43K level at the time of writing, and Ryan Rasmussen from Bitwise mentioned during his post on X (previously Twitter) December 13 et al., that there may be an influx of up to $100 billion in the crypto market following regulatory approvals. These two catalysts, in tandem with a widening acceptance of cryptocurrencies in countries all around the world, could see BTC reach heights never achieved before. Coveted 126 billion market capitalization of various stablecoins in 2020 testifies to mainstream growth of the cryptocurrency space.
Circle CEO, Jeremy Allaire, specified, during an interview with CNBC on the 13th of December, that he believes demand for stablecoins by retail and institutional investors alike, will in the near term, commercialize the digital advancements which have been made. Bitwise’s predictive analysis notes that overflow of funds into the crypto market in the established assets, and integration and tokenization of commodities, debt, and equity markets may cause Bitcoin-the king of cryptocurrencies, to surge farther than the previous records it has set.
