An analyst now says Bitcoin (BTC) will hit all time high numbers by the end of 2024, due to new demand and buying pressure.
Bitwise analyst Ryan Rasmussen is bullish on Bitcoin (BTC) based on the tremendous amount of volume going into Bitcoin ETFs.
The researcher at Bitwise Asset Management says that over one billion dollars has flown into the company’s Bitcoin spot ETF.
“I think it’s no surprise we’ve seen the price of Bitcoin rise following the launch of those ETFs and I think it will be the same for Ethereum or other assets if there were more ETFs to come into the market,” the analyst told Yahoo Finance on Monday.
“With all that sideline capital, I think we’re still in the early innings of crypto reaching its point in the current adoption curve where we have everyday investors, institutional investors, and retail investors, all allocating to these products — and ETFs are just one of those really great vehicles that help bring those investors to market and help create a highway for them to allocate to not just Bitcoin but Ethereum, Solana, and other assets.”
“We think that Bitcoin will certainly set all time highs in 2024.
That previous price is right around $69,000, but we don’t think it’s going to stop there.
We think that we’ll at least see a 10%-15% bump over the last all-time high in 2024 — that would take us to the mid $80K range, so I think our target was $88K by the end of 2024 and I’m still thinking by that seeing all the excitement in the market today,” the analyst continued.
Bitcoin is currently trading at $56,562 at the time of this publication.
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