According to Bitwise, Bitcoin (BTC) is expected trade above $80,000 in 2024. This projection follows a remarkable performance in 2023.
Bitcoin outperformed major asset classes, rising 128%, compared to 21% for the S&P 500, 12% for gold and 2% for bonds.
The forecast for 2024 is supported by significant developments in the cryptocurrency sector and macroeconomic factors.
Bitcoin’s bullish trajectory
Two major catalysts are expected to propel Bitcoin’s value over 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 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, reducing the supply by a value equivalent to 6.2 billion dollars at current prices.
This combination of increasing demand and decreasing supply is a fundamental factor behind the optimistic price forecasts.
Other crypto predictions from Bitwise
Besides the Bitcoin price surge, Bitwise made several other key predictions. The company anticipates the approval of spot Bitcoin ETFs, projecting that they will be the most successful ETF launch in history.
Additionally, Bitwise predicts a significant increase in revenue for Coinbase. He expects the main US stock exchange to double and beat Wall Street’s expectations by at least 10 times. This rally will be fueled by the bull market, innovative product launches, and the company’s likely role as the primary custodian of most Bitcoin ETFs.
Additionally, Bitwise predicts major moves in the tokenization of real-world assets, with JP Morgan potentially tokenizing an on-chain fund, as the market for tokenized assets is expected to grow significantly.
Finally, the company expects pop superstar Taylor Swift to jump into the NFT sphere.