- Bitcoin (BTC) breaks the $58,000 mark, with experts citing recent spot ETF approvals and growing institutional interest as key drivers.
- Ethereum (ETH) rally hints at possible gains, especially if potential spot ETH ETF approvals happen in May as anticipated.
- Analyst predicts Bitcoin reaching $88,000 by 2024, suggesting a multi-year bull cycle in the crypto market.
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Bitcoin (BTC) has continued its ongoing rally, finally breaking past the $58,000 price mark with momentum pushing it towards the $59,000 barrier. Could Ethereum (ETH) follow suit, fueled by potential approval of spot ETFs?
Bitwise Senior Crypto Research Analyst Ryan Rasmussen sees institutional demand spurred by both the Bitcoin surge and the anticipation of ETH ETFs as factors driving crypto prices higher. He has recently shared his thoughts in an interview and revealed that he has eyes on a much higher price target for Bitcoin.
Rasmussen notes the positive sentiment in the Bitcoin futures market, bolstered by recent reports that highlight the role of Spot Bitcoin ETFs in pushing BTC prices. In addition to that, he thinks that Ethereum is similarly poised for potential gains with the excitement surrounding the “Dencun” network upgrade in March and growing anticipation for the May ETH ETF decision, both of which could increase adoption and investor interest.
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Bitcoin’s Year-Ender Price
Talking about Bitcoin in particular, Rasmussen states that there could be a nice round target on $88,000 by the end of the 2024. This target is said to be based on the previous ATH price of around $69,000, given a slight 10-50 percent bump on the upside – which leads straight to the mid-$80k range in terms of actual price or value.
Meanwhile, Bitcoin wasn’t the only one on the analyst’s mind. He also talked about altcoins and other developments in the crypto space. In particular, he mentioned Ethereum, the oft-memed ETH killer Solana, and of course, NFTs.
“In 2023, was the start to that rally. But we think that we’re in a multi-year bull cycle. In all elements of the crypto space will certainly have their moment,” said Rasmussen.
“Bitcoin in the spotlight right now. Ethereum making its way up there. And I think other L1s and other L2s and other DeFi assets and NFTs will have their moment in the sun as well.”
While both BTC and ETH show strong upside potential, the inherent volatility of cryptocurrencies remains a key consideration. Broader economic conditions or regulatory shifts could still influence investor sentiment and future market direction.
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