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Recently, Bitcoin‘s price has surpassed the $57,000 mark, reaching its highest level since November 2021. This has increased bullish expectations among many analysts and experts in the cryptocurrency world, including Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise. Rasmussen believes that the Bitcoin price will break records before 2025, specifically in 2024.
Bitcoin Price Could Reach $88,000
In a recent interview, Rasmussen predicted a positive surge for BTC. He suggests that by the end of 2024, Bitcoin’s price could reach $88,000. His forecast is based on factors such as the increasing excitement around the upcoming halving event and investors bolstering their positions.
While explaining Bitwise’s 2024 forecast, Rasmussen states that he expects Bitcoin to reach an all-time high. He believes that the previous high around $69,000 will be surpassed, predicting at least a 10% to 15% increase from the all-time high, which would bring Bitcoin to the $88,000 level. Rasmussen’s comment is as follows:
“We definitely think Bitcoin will reach an all-time high in 2024. The previous price was around $69,000, but we don’t think it will stop there. We expect to see at least a 10% to 15% increase from the all-time high in 2024. This will take us to the mid-$80,000s. Therefore, I reiterate our target of $88,000 for 2024, and I remain committed to this goal.”
Currently, Bitcoin is trading below the level Rasmussen predicted. However, it continues its upward trend after recently surpassing $57,000. Other analysts also share this optimism, forecasting a $200,000 target for the current bull market cycle.
Ethereum’s Momentum Fluctuations
Rasmussen notes that Ethereum has been outperforming Bitcoin. He attributes this increase in Ethereum‘s value to factors such as the approval of a spot Ethereum exchange-traded fund (ETF) in the US and the DenCun update.
However, Rasmussen emphasizes that the approval of spot Ethereum ETFs may not be as straightforward as it was for Bitcoin, and the stance of the US Securities and Exchange Commission Chairman Gensler could also be decisive for Ethereum.
Rasmussen also mentions that the launch of spot Ethereum ETFs might not have the same impact as it did for Bitcoin. Nevertheless, he believes that the approval of Ethereum spot ETFs could increase Ethereum’s price by creating buying pressure and potentially triggering a rise in ETH prices.
