Bitcoin has staged a robust comeback following a notable retracement, surmounting multiple resistance levels in its trajectory. As 2023 draws to a close, the crypto space is abuzz with predictions for Bitcoin’s performance in 2024. Ryan Rasmussen, a research analyst at Bitwise, has outlined the top 10 crypto forecasts for the upcoming year.
Foremost among the predictions is the anticipation that Bitcoin will ascend to trade above $80,000, marking a new all-time high. Two pivotal catalysts are expected to propel this surge: the imminent launch of a spot Bitcoin ETF in early 2024 and the halving of new Bitcoin supply around the end of April.
Additionally, the Bitwise team foresees the approval of spot Bitcoin ETFs, collectively constituting the most successful ETF launch in history. With an estimated capture of 1% of the $7.2 trillion U.S. ETF market, these spot Bitcoin ETFs could amass $72 billion in assets under management within five years.
Coinbase, the prominent cryptocurrency exchange, takes center stage in the third prediction, with an anticipated doubling of revenue. This surge is expected to surpass Wall Street expectations by at least 10 times, fueled by historical surges in trading volumes during bull markets and the successful introduction of new products.
Bitwise also delves into the realm of stablecoins, predicting that more money will settle using stablecoins than via Visa. With stablecoins evolving into one of crypto’s “killer apps” and the market growing to $137 billion in the past four years, 2024 is earmarked for substantial growth in stablecoin usage.
For Ethereum, the crypto platform envisions a revenue surge to over $5 billion as users flock to crypto applications, with fees paid to use Ethereum expected to at least double in 2024. This projection positions Ethereum as one of the fastest-growing large-scale tech platforms globally.
25% of Financial Advisors will Embrace Bitcoin by 2024
A significant upgrade to Ethereum, as detailed in its sixth prediction, is anticipated to drive the average transaction cost below $0.01. The implementation of EIP-4844 could result in a remarkable 90%+ reduction in Ethereum transaction costs, paving the way for mainstream applications in the crypto space.
The final prediction foresees a pivotal shift among financial advisors, with 1 in 4 expected to allocate to crypto in client accounts by the end of 2024. This shift is predicated on the ease of Bitcoin accessibility, anticipating an increasing adoption trend among advisors as crypto gains prominence in client portfolios.