Bitcoin 2024 Forecast: Analyst Predicts $88K Despite Regulations

Bitcoin

In a recent interview with Yahoo Finance, Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, made bold predictions about the future of Bitcoin and Ethereum. Rasmussen projected that Bitcoin could reach $88,000 by the end of 2024.

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He pointed to factors such as the anticipation surrounding the upcoming halving event and positive sentiment in futures trading positions as reasons for this optimistic forecast.


Analyst Addresses Regulatory Challenges and Market Resurgence

Ryan Rasmussen discussed the regulatory obstacles facing the cryptocurrency market, particularly the approval of Bitcoin ETFs. He noted the hesitancy of SEC Chair Gensler towards spot Bitcoin ETFs, suggesting that regulatory approval remained elusive.

Despite this, Rasmussen mentioned the recent Grayscale lawsuit as a significant factor in potentially facilitating ETF approval for Bitcoin, though he expressed doubts about a similar outcome for Ethereum.

Rasmussen also commented on the resurgence of the cryptocurrency market, describing it as emerging “from the ashes” of the turbulent year of 2022. He highlighted Solana as a standout performer in 2024, emphasizing its strong growth trajectory.

Additionally, he attributed bullish sentiment to the revival of trading volume for Non-Fungible Tokens (NFTs), indicating renewed interest and activity in the sector.

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Impact of Bitcoin ETFs and Anticipation for Ethereum ETFs

The introduction of Bitcoin ETFs has already shown a notable impact, attracting over $15 billion in investments into spot Bitcoin ETFs. Rasmussen foresees a comparable demand for Ethereum ETFs, which he expects will create buying pressure on the underlying asset, potentially leading to price increases.

Despite uncertainties in regulations, Rasmussen maintains a positive outlook on both Bitcoin and Ethereum. He predicts Bitcoin to reach $88,000 by the end of 2024.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

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