Bitcoin to Hit $80,000 in 2024? Analysts Predict a Stellar Year!

A Bitwise senior research analyst, Ryan Rasmussen, has made a bold prediction

by Faruk Imamovic
Bitcoin to Hit $80,000 in 2024? Analysts Predict a Stellar Year!
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A Bitwise senior research analyst, Ryan Rasmussen, has made a bold prediction: By 2024, stablecoins are expected to settle more volume than Visa, one of the world's largest payment processors. This prediction, shared in a December 13 post on X (formerly Twitter), highlights the burgeoning growth and potential impact of the stablecoin market in the global financial landscape.

Rasmussen's forecast is grounded in the significant growth trajectory of stablecoins, which have surged from a near-zero market cap to an impressive $137 billion in just four years. Stablecoins, pegged to stable assets like the dollar, have emerged as one of the most influential applications in the crypto space.

By the third quarter of 2023, Visa had processed over $9 trillion in payments, while stablecoin trading volume had already topped $5 trillion, indicating a rapidly closing gap.

Bitcoin's Bright Future Ahead

Alongside the stablecoin industry's expected rise, Rasmussen also foresees a strong year for Bitcoin.

He predicts that Bitcoin's value will surpass $80,000 in 2024, driven by significant events such as the launch of the first spot Bitcoin exchange-traded fund and the anticipated Bitcoin halving in April. These catalysts are expected to spur further growth in Bitcoin's price.

However, predictions for Bitcoin's future value vary widely among analysts and market commentators. Bitcoin commentator Plan B expects the average price of Bitcoin to reach at least $100,000 between 2024 and 2028. BitQuant projects a target price of around $250,000 post-halving in 2024.

Some even speculate about the potential for Bitcoin to eventually hit the $1 million mark.

In a related commentary, Circle CEO Jeremy Allaire, in a December 13 interview with CNBC, spoke about the growing demand for stablecoins.

He anticipates a surge in interest for digital dollars on the internet over the next few years. "Huge appetite for dollars on the internet. That’s a very big thing, and that’s distinct from people who want a currency hedge, so to speak, or a store-of-value hedge,” Allaire stated.

Asset manager Van Eck joins in this optimism, predicting the total stablecoin market cap to grow to $200 billion by the end of 2024. These forecasts paint an optimistic picture for the future of cryptocurrencies, especially for Bitcoin and stablecoins, as they continue to gain traction and potentially reshape the global financial landscape.