As we draw to the end of 2023, lets look ahead to 2024 and what it may bring. With Spot ETFs on the horizon, the Bitcoin Halving, predicted billions of dollars printed in the USA to prop up the economy plus predicated interest rates cuts, we could be looking at the “perfect storm” for the biggest bull run ever! Listed below are my top ten predictions for the new year.
1. Programmable Bitcoin
In regards to Bitcoin (BTC), in real terms it has been dormant all its life compared to the likes of Ethereum. Ethereum is at the forefront of web3, with literally 1000s of Dapps thriving on its blockchain. Bitcoin is at last waking up with the likes of Stacks (STX), and others, at long last, making inroads to making quality Dapps that utilise Bitcoin which could create a new ecosystem which would untap hundreds of billions of dollars. I expect 2024 to be the year of Bitcoin Dapp with versions of popular Dapps from other chains built for Bitcoin.
2. Bitcoin & Ethereum Spot ETFs
I expect Bitcoin ETFs to become a reality in the first quarter of 2024. The SEC is under pressure to make a final decision prior to January 10th 2024, and many believe Bitcoin Spot ETFs will be approved before this date. I’m extremely positive that we are on the cusp of them being approved, although would not be surprised if there is a short delay whilst the final details are negotiated. And once Bitcoin Spot ETFs are approved, I expected Ethereum (ETH) Spot ETFs to follow within months.
3. Bitcoin To Breach $100,000
Many laughed when I predicted Bitcoin would top $50,000 during the last bull run especially as Bitcoin was around $5,500 at the time. I actually underestimated, as Bitcoin reach $67,000! During 2024 I expect Bitcoin to smash through $100,000.
4. Ethereum To Top $10,000
With Ethereum expected to release the Sharding update during 2024, plus the approval of Ethereum Spot ETFs, I expect Ethereum to outperform Bitcoin in 2024, just as it did during the last bull run and top the $10,000 mark. I also expect the leading Ethereum Layer 2’s such as Polygon to have a very strong year, at least doubling their previous ATHs.
5. Stacks Enters Top 20
I expect Stacks to become a top 20 coin, leading the charge of Bitcoin Layer 2s and side-chains. I expect to see many leading Bitcoin Dapps built on Stacks, many of which will have rapid and exceptional growth creating a new ecosystem for Bitcoin, which will challenge the DEFi Dapps of Ethereum and Solana.
6. Rapid Growth of Crypto Spot ETFs
I expect Bitcoin Spot ETFs to mirror the initial rapid growth of Gold Spot ETFs and to pump hundreds of billions into the crypto economy. The success of Bitcoin Spot ETFs will pave the way for Ethereum and other leading coins Spot ETFs to be approved in 2024 too.
7. The Demise of XRP
I know this may upset many but I predict that XRP will make little headway during 2024. With poor tokenomics, (around 50 billion coins still controlled by its owners), another court case to fight and in real terms no headway in “real world” adoption, I predict that XRP will lose its top 10 ranking as quality blockchains such as Solana, Cardano and up and coming Ethereum and Bitcoin layer 2s will go from strength to strength.
8. NFTs Bounce Back
I believe NFTs across all blockchains including the inscriptions on Bitcoin such as Ordinals, etc, will flourish again with many new and exciting functions. Possible the tokenisasion of media, ticket sales, and maybe the general conception of the tokenissasion of general assets.
9. Banks To Embrace Crypto Assets
I expect global banking to jump into the crypto world offering a range of crypto services to their customers. I expect most leading banks to offer crypto services to their clients with leading banks squeezing existing centralised crypto exchanges.
10. Bitcoin Market Stability
With the possibility of a large percentage of Bitcoin held by financial institutions, maybe this will calm the wild swings of the Bitcoin price. Sadly though this could mean that 2024 could be the very last time we experience a “full on” bull run.
