Bitwise’s senior research analyst, Ryan Rasmussen, has made a bold prediction for Bitcoin’s price in the coming year. Rasmussen anticipates a new all-time high for Bitcoin, surpassing $80,000. This forecast aligns with the expected launch of the first spot Bitcoin ETF and the scheduled halving event in April 2024, both identified as pivotal catalysts for the digital asset’s price growth.
Additionally, Rasmussen foresees a significant surge in stablecoin usage. Stablecoins, pegged to various assets such as the U.S. dollar, have experienced rapid growth in the past four years, reaching a total market cap of $137 billion. Rasmussen believes that stablecoins will collectively settle more value than transactions processed by payments giant Visa in 2024, highlighting their growing utility and impact on trading volume.
“The anticipated rise in Bitcoin’s price and the increasing usage of stablecoins indicate a positive outlook for the cryptocurrency market in the coming year,” says Ryan Rasmussen, Bitwise’s senior research analyst.
Bitwise’s optimism extends beyond Bitcoin to Ethereum. Rasmussen predicts a 100% increase in Ethereum’s revenue, reaching $5 billion in 2024. This expectation is based on the potential impact of the EIP-4484 upgrade, which could significantly reduce gas costs on the Ethereum network to below $0.01. With this improvement, Ethereum is poised to experience significant growth and attract more users and developers to its platform.
In traditional finance, Bitwise identifies Coinbase as a leading contender to capitalize on the consensus bull market of 2024. The asset management firm forecasts a substantial 100% growth in Coinbase’s revenue for the next year, surpassing Wall Street expectations by a factor of ten. The optimistic sentiment surrounding the potential approval of a spot Bitcoin ETF has already driven the leading cryptocurrency’s price significantly this month, reaching above $44,000 before facing a correction.
“We anticipate a promising future for both Bitcoin and Ethereum. The evolving market dynamics and upcoming developments are favorable indicators for the growth of these digital assets,” comments Ryan Rasmussen, Bitwise’s senior research analyst.
Overall, analysts predict a positive trajectory for Bitcoin and Ethereum in 2024, with the potential for new all-time highs, increased stablecoin usage, and significant revenue growth for key players in the crypto industry.
