Crypto asset management firm Bitwise has made a bullish prediction about Bitcoin, foreseeing the world's largest crypto asset by market capitalization reaching a new all-time high price above $80,000 by 2024. Bitwise, now listed on DTCC alongside BlackRock, ARK, and other hopeful issuers, joined in anticipation of its spot Bitcoin ETF ticker.
Bitwise anticipates Bitcoin to surpass $80,000 next year, attributing this surge to two primary catalysts—the Bitcoin Halving event and the imminent launch of a spot Bitcoin exchange-traded fund in the U.S.
According to Bitwise's report titled "The Year Ahead: 10 Crypto Predictions for 2024," they stated, "The launch of a spot bitcoin ETF (expected in early 2024) is anticipated to attract new capital from both retail and institutional investors, driving increased demand for bitcoin. Simultaneously, the supply of new bitcoin produced each year will halve following the next bitcoin halving in April or May 2024."
Bitwise also predicted the approval of spot bitcoin ETFs, projecting them to be the most successful ETF launch ever. They believed this approval wouldn't just "significantly impact the market" but also "attract substantial assets," citing internal studies suggesting a potential capture of 1% of the $7.2 trillion U.S. ETF market, amounting to $72 billion within five years.
As the latest hopeful issuer, Bitwise's spot Bitcoin ETF ticker, listed under the name $BITB, is now available on the official website of the Depository Trust and Clearing Corporation (DTCC), marking significant progress for Bitwise's application pending the decision of the U.S. Securities and Exchange Commission (SEC).
This month, Bitwise amended its spot Bitcoin ETF application, transitioning solely to cash creation and redemption—a crucial change aligned with what appears to be the SEC's instruction to shift from an in-kind to a cash model.
Bloomberg ETF analyst James Seyffart noted this development, mentioning, "Of note: @BitwiseInvest has already been set for ONLY cash creates/redeems since December 4th. Though for months they had In-Kind or Cash in their documents before this," accompanied by screenshots of the firm's amended application in a tweet.
Of note: @BitwiseInvest has already been set for ONLY cash creates/redeems since December 4th. Though for months they had In-Kind or Cash in their documents before this: pic.twitter.com/2xzy9NbbZp
— James Seyffart (@JSeyff) December 14, 2023
Bitcoin was trading in the green zone at $43,030.06 as of 3:50 p.m. ET on Thursday with a 24-hour trading volume up by 18.61% at $28,530,801,770.
Bitcoin's recent price action represents a 0.78% spike in its value in the past 24 hours and a 0.8% gain over the last seven days.
Data from CoinMarketCap showed that Bitcoin's current circulating supply stands at 19,569,937 BTC with its value continuously spiking by 0.76% at a $842,651,556,578 market cap.
