Bitwise Reveals Two Major Triggers That Will Send Bitcoin Price To $80,000
16 Dicembre 2023 - 3:00PM
NEWSBTC
Bitwise, a crypto index fund manager, has forecasted a bullish
price for Bitcoin that would take it past its current all-time
high. Bitcoin is currently in a bullish sentiment, and the price
has doubled this year. But according to this fund manager, this
sentiment will continue into next year. In a recently released
report, Bitwise predicted BTC will hit $80,000 in 2024, identifying
two major catalysts that will send the crypto soaring. Related
Reading: Osmosis Rally Intensifies With 77% Increase – Will OSMO
Hit $2 This Month? Bitwise Predicts $80,000 Bitcoin In its report,
Bitwise laid out 10 things to look out for in the crypto industry
in 2024, one of which included the crypto’s price trajectory. The
world’s largest crypto has outperformed other asset classes in
terms of price performance this year. Data shows Bitcoin is
currently up more than 125% this year, and many analysts think this
growth isn’t stopping soon. For comparison, the S&P 500
returned 21% this year. 2023 was a great year for crypto. But we
see even brighter things ahead. In this must-read report, the
Bitwise research team lays out ten bold predictions for 2024.
https://t.co/d8Pa4NkzJU — Bitwise (@BitwiseInvest) December 13,
2023 In its first prediction, Bitwise predicted Bitcoin would trade
above $80,000 in 2024, setting a new all-time high. A major
catalyst for this growth is the highly anticipated launch of spot
Bitcoin ETFs in the US. A spot ETF would allow mainstream investors
to gain direct exposure to the coin through traditional investment
companies. Bitcoin has mostly reacted positively to various
news surrounding spot ETFs this year. The launch is poised to be
the most successful ETF launch, with many analysts estimating that
a spot ETF could push Bitcoin over $100,000 in its first year.
Bitcoin slightly above the $42K level today. Chart: TradingView.com
The other potential catalyst is the next bitcoin halving, one of
the most anticipated events in the crypto industry. The next
Bitcoin halving is set for April 2024, reducing mining rewards from
its current 6.25 BTC to 3.175 BTC per block. According to Bitwise,
at the current price of Bitcoin, the next halving will lead to a
$6.2 billion reduction in new Bitcoins entering the market every
year until another halving. The halving, coupled with the
anticipated frenzy after spot Bitcoin ETFs are approved, is
expected to significantly tip the balance between supply and
demand. We could even see the price of Bitcoin surge as the halving
approaches, as investors buy in hoping to get ahead of a price
rally. Other Predictions By Bitwise Related Reading: Why BONK Keeps
On Rising, Price Explodes 124% Today – Here’s The Scoop Other
predictions in the Bitwise report paint a picture of a prosperous
year for the crypto industry in 2024, mainstream acceptance, and
increased institutional interest. A particular bullish prediction
is the growth of stablecoins, with Bitwise estimating more payments
in stablecoins than Visa. Other predictions include JP Morgan, the
world’s largest bank, launching a tokenized fund using blockchain
technology, Ethereum’s annual revenue doubling as transactions
increase, and crypto becoming the native currency of the internet.
Featured image from Shutterstock
Grafico Azioni Osmosis (COIN:OSMOUSD)
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