Bitwise Invest research analyst Ryan Rasmussen has made a bullish prediction, forecasting that Bitcoin will surge to an all-time high of $80,000 in 2024.
While not specifying a particular month or quarter, Rasmussen attributes this potential spike to two major catalysts: the expected launch of a spot Bitcoin ETF early in 2024 and the halving of new BTC supply around April or May. Currently trading at around $42,700, Bitcoin would need an over 87% increase to reach this projected peak.
In addition to the Bitcoin forecast, Rasmussen predicts that spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market within five years, totaling $72 billion in Assets Under Management (AUM). Some analysts, however, question the estimated impact, suggesting that the anticipation of spot ETFs may already be factored into the markets.
Rasmussen also anticipates stablecoins playing a significant role, stating that more money will settle using stablecoins than Visa. He highlights stablecoins as one of crypto’s “killer apps,” projecting continued growth in 2024. Furthermore, Rasmussen predicts Ethereum’s revenue will more than double to $5 billion in 2024, solidifying its position as one of the fastest-growing large-scale tech platforms globally.
Coinbase is also in the spotlight, with Rasmussen forecasting a doubling of its revenue, surpassing Wall Street expectations by at least ten times. Considering the historical surge in trading volumes on the exchange during bull markets, this prediction aligns with Coinbase’s stock outperforming crypto markets this year, gaining over 300%.
Lastly, Rasmussen predicts that JPMorgan will tokenize a real-world asset fund and launch it on-chain, with other Wall Street banks following suit.
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