- Bitcoin forecasted to reach $88,000 by end of 2024.
- Ethereum outperforms Bitcoin, upgrade expected to lower transaction costs.
- Bitcoin ETFs surpass $15 billion, positive outlook for Ethereum ETFs.
In a recent interview with Yahoo Finance, Ryan Rasmussen, who is a Senior Crypto Research Analyst at Bitwise, forecasted that Bitcoin’s
Rasmussen mentioned that the forthcoming halving event and optimistic futures trading stances contribute to Bitcoin’s enthusiasm. Nonetheless, the analyst is of the opinion that the bullish sentiment for Ethereum stems from the expected Denunc upgrade in March, which is generating considerable excitement. It is believed that this upgrade will reduce the costs associated with transactions.
Despite the positive outlook, the analyst pointed out that the approval process for the Bitcoin ETFs was not straightforward. Rasmussen concurred with the host’s statement that the Chair of the U.S. Securities and Exchange Commission, Gensler, was resistant to a spot Bitcoin ETF and had to be compelled to accept it.
Additionally, the analyst stated that the lawsuit involving Grayscale was advantageous for ETF providers, resulting in their authorization. Nevertheless, the analyst is of the opinion that this will not apply to Ethereum. He further mentioned, “In May, I estimate there’s an equal likelihood, about 50%, that we will either witness an approval or a denial.”
Furthermore, Rasmussen mentioned that the cryptocurrency market is recovering from the downturn it experienced in 2022. The analyst highlighted Solana, noting that the cryptocurrency performed well in 2024. In addition, the analyst observed that an increase in the trading volume of Non-Fungible Tokens (NFTs) contributed to the positive market outlook.
The launch of Bitcoin ETFs has shown their effect on the market, as more than $15 billion has been invested in spot Bitcoin ETFs. Rasmussen anticipates that Ethereum ETFs will experience comparable demand, which would increase the purchasing demand for the base asset and could increase its prices.
Looking to the future, Rasmussen holds a positive view, forecasting that Bitcoin will attain a value of $88,000 by the conclusion of 2024.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
