In a recent interview with Yahoo Finance, Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, made bold predictions trajectory of Bitcoin and Ethereum. Rasmussen forecasted that Bitcoin would soar to $88,000 by the end of 2024, citing factors such as excitement surrounding the upcoming halving event and bullish futures trading positions.
Ethereum outperforms Bitcoin
Despite Bitcoin’s recent surge to its highest level in over two years, breaking above the $57,000 mark, Rasmussen highlighted Ethereum’s exceptional performance year to date. He noted that Ethereum has managed to outperform its larger crypto rival, attributing this momentum to the anticipation surrounding the DenCun upgrade scheduled for March. This upgrade is expected to significantly lower transaction costs, fueling excitement among investors.
Regulatory challenges and market resilience
Rasmussen addressed regulatory hurdles faced by the cryptocurrency market, particularly concerning the approval of Bitcoin ETFs. He acknowledged the reluctance of the U.S. Securities and Exchange Commission’s Chair, Gensler, towards spot Bitcoin ETFs, suggesting that regulatory approval was not easily obtained.
However, Rasmussen suggested that the recent Grayscale lawsuit played a crucial role in facilitating ETF approval for Bitcoin, although he expressed skepticism regarding a similar outcome for Ethereum.
Market recovery and emerging trends
The analyst observed a resurgence in the cryptocurrency market, characterizing it as “rising from the ashes” of the tumultuous year of 2022. Rasmussen highlighted Solana as a standout performer in 2024, emphasizing its robust growth.
Furthermore, he attributed bullish sentiment to the resurgence in trading volume for Non-Fungible Tokens (NFTs), indicating renewed interest and activity in the sector.
Implications of ETFs and future outlook
The introduction of Bitcoin ETFs has already demonstrated a significant impact, with over $15 billion flowing into spot Bitcoin ETFs. Rasmussen anticipates a similar demand for Ethereum ETFs, which he believes will drive buying pressure on the underlying asset, potentially propelling prices higher.
Despite regulatory uncertainties, he maintains a bullish outlook on both Bitcoin and Ethereum, projecting Bitcoin to reach $88,000 by the end of 2024.
Source: https://www.cryptopolitan.com/bitcoin-price-2024-analyst-projects-88k/