Bitcoin Expected to Surge to $80,000 as ETF Approval Looms

• Bitcoin has reportedly surged by 128% this year while Solana records a 495% growth. 

• According to a report by Bitwise capturing 10 predictions for 2024, JPMorgan may tokenize a fund and launch it on-chain. 

2023 was a good year for the crypto market as major assets recovered from the 2022 lows. According to reports, Bitcoin (BTC) made a 128% surge in 2023, outperforming all major asset classes. Comparatively, the S&P 500 had a 21% gain while gold recorded a 12% return. This year, Solana has surged by 495% as crypto equities had a 138% surge within the period. In the upcoming year, a lot is expected to happen in the ecosystem with Bitwise announcing its top 10 predictions. 

Firstly, the analysts behind the report expect Bitcoin to hit $80,000 next year. The major catalysts include the expected launch of a spot Bitcoin Exchange-Traded Fund (ETF) next year, of which Bloomberg analysts predict January 10 as the day. On top of that, Bitcoin halving is expected to happen in April or May 2024 and would see the mining rewards reduced by half. This implies that new Bitcoin entering the market each year would be reduced by $6.2 billion.

The next prediction has to do with the spot Bitcoin ETF approval. According to the report, it could be the most successful ETF launch of all time. The report discloses that the spot Bitcoin ETF could capture 1 percent of the $7.2 trillion US ETF market or $72 billion in five years. 

Other Bitwise’s Predictions After the $80k Bitcoin Forecast

Thirdly, the analyst expects the Coinbase revenue to double. This would beat the expectation of Wall Street by at least 10 times. The Coinbase revenue is expected to grow from $2.8 billion to $3.1 billion, a 9 percent year-over-year growth. This year, the Coinbase trading volume spiked in the bull market, and that is expected to happen again next year. 

Analysts also predict that more money would be settled in stablecoin compared to Visa. In addition, JPMorgan is predicted to tokenize a fund and launch it on-chain as Wall Street prepares to tokenize a real-world asset. JPMorgan has reportedly been exploring blockchain technology for years and has even tested tokenized portfolios on the avalanche blockchain. 

Another prediction has to do with the Ethereum application. According to the analysts, the Ethereum revenue would more than double to $5 billion. Also, Taylor Swift, one of the most popular artists in the world, is expected to launch an NFT in 2024 to connect with fans. 

The eighth prediction has to do with Artificial Intelligence using crypto to pay for things online. According to them, 2024 would be a year when crypto would be affirmed as the native currency of the internet. 

Another interesting prediction is that more than $100 million will be staked in the prediction market next year. Finally, there would be an upgrade to the Ethereum blockchain that would see the average transaction cost below $0.01. This will open doors for the asset to be used mainstream. One other prediction made by the analysts is that one out of every four financial advisors would allocate crypto to client accounts by the end of next year. 

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