Crypto index fund manager Bitwise has recently released a report predicting a bullish price for Bitcoin that would surpass its current all-time high. Despite the cryptocurrency already experiencing a doubling in price this year, Bitwise believes this upward trend will continue into the next year. According to their forecast, BTC is expected to hit $80,000 in 2024, propelled by two significant catalysts that will propel the crypto to new heights.
One of the major factors contributing to Bitcoin’s growth is the highly anticipated launch of spot Bitcoin ETFs in the United States. If approved, these ETFs would provide mainstream investors with direct exposure to Bitcoin through traditional investment companies. The cryptocurrency has historically responded positively to news surrounding spot ETFs, and many analysts estimate that their launch could push Bitcoin over $100,000 within the first year.
The next anticipated event in the crypto industry is the Bitcoin halving, scheduled for April 2024. During this event, the mining rewards for each block will be reduced from the current 6.25 BTC to 3.175 BTC. Bitwise predicts that at the current Bitcoin price, this halving will result in a $6.2 billion reduction in new Bitcoins entering the market each year until the next halving.
The combination of the halving and the expected frenzy surrounding the approval of spot Bitcoin ETFs is projected to have a significant impact on supply and demand. As the halving draws near, it is possible that the price of Bitcoin will surge as investors rush to buy in anticipation of a rally.
Bitwise’s report also presents several other predictions that depict a prosperous year for the crypto industry in 2024. These include increased institutional interest, mainstream acceptance, and the growth of stablecoins. According to Bitwise, stablecoins may become more widely used for payments than Visa.
Other notable predictions include JP Morgan, the world’s largest bank, launching a tokenized fund utilizing blockchain technology, Ethereum’s annual revenue doubling as transactions increase, and the possibility of cryptocurrencies becoming the native currency of the internet.
Bitwise’s forecast indicates a positive outlook for Bitcoin in the coming years, with a predicted price surge to $80,000 by 2024. If spot Bitcoin ETFs are approved and the halving event occurs as anticipated, these catalysts could contribute to the cryptocurrency’s exponential growth and propel it to new all-time highs.
It is important, however, to approach these predictions with caution and conduct thorough research before making any investment decisions. As with any financial investment, there are inherent risks involved, and the opinions expressed in this article should not be considered as financial advice.
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