Bitwise Analyst Predicts Bitcoin Price to Trade Above $80K Amid Halvening and ETF Launch in 2024

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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December 13, 2023 23:35 EST

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Bitwise’s senior research analyst, Ryan Rasmussen, predicted a new all-time high for Bitcoin price next year, surpassing $80,000.

The prediction aligns with the anticipated launch of the first spot Bitcoin ETF and the scheduled halving event in April 2024, identified as pivotal catalysts for the digital asset’s price growth.

Tha analyst also predicted a significant surge in stablecoin usage, with the expectation that stablecoins will collectively settle more value than transactions processed by payments giant Visa in 2024.

Stablecoins, pegged to various assets including the U.S. dollar, have rapidly grown from virtually zero to a market cap of $137 billion in the past four years. This growth trend is anticipated to continue, with stablecoins becoming a significant utility and driving increased trading volume.

Van Eck, an asset management firm, has also predicted the total stablecoin market cap to reach $200 billion by the end of the coming year.

Prediction #1: Bitcoin will trade above $80,000, setting a new all-time high.

There are two major catalysts that will help get us there: the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April. pic.twitter.com/KvHNx9XINz

— Ryan Rasmussen (@RasterlyRock) December 13, 2023

Bitwise Analyst Predicts 100% Increase in Ethereum’s Revenue

Bitwise’s optimism extends beyond Bitcoin, with Ethereum expected to experience significant improvement in 2024. Rasmussen predicts a 100% increase in Ethereum’s revenue to $5 billion, citing the potential impact of the EIP-4484 upgrade, which could reduce gas costs on the main network to below $0.01.

Turning attention to traditional finance, Bitwise identifies Coinbase as a leading contender to capitalize on the consensus bull market of 2024. The forecast suggests a substantial 100% growth in Coinbase’s revenue for the next year, surpassing Wall Street expectations by a factor of ten.

The optimism around spot Bitcoin ETF approval has already driven the leading crypto’s price significantly this month. Bitcoin price reached above $44,000 this month before facing a correction.