Bitwise Says BTC to Hit $80K In Under Twelve Months

Crypto index fund manager Bitwise has predicted that Bitcoin’s price will attain a new all-time high (ATH) of $80,000 before this year ends. The prediction comes around the same time that several Bitcoin proponents anticipate a spot Bitcoin exchange-traded fund (ETF) in the United States.

BTC to $80k

On November 10, 2021, Bitcoin achieved its current ATH of approximately $69,000. Since then, the leading crypto asset has dropped to as low as $16,200, a price seen a year later. Presently, BTC trades at $43,900.

Bitwise’s latest speculation implies that the leading cryptocurrency will almost double its current value. The reason for this line of thought is not far-fetched. Over the past few months, BTC’s price has significantly risen as investors expect approval of a spot Bitcoin ETF in the U.S.

Spot Bitcoin ETF to Bolster BTC’s Value

The investment vehicle will enable retail users to gain exposure to Bitcoin while benefiting from the safety common to companies in traditional finance (TradFi). Although regulators in some countries have already endorsed the financial product, the U.S. financial authority has long shown a hostile outlook to the product’s approval.

ETF analysts and key industry players have recently publicized sentiment that the U.S. regulator would soon approve a spot Bitcoin ETF application submitted by several TradFi firms. An earlier report confirmed that the American financial watchdog is having a series of meetings with stock exchanges ahead of the potential endorsement.

Notably, Bitwise’s prediction was accompanied by nine other speculations. The second prediction is that “Spot bitcoin ETFs will be approved, and collectively will be the most successful ETF launch of all time.”

Another factor that has fueled Bitwise’s prediction is the increasing attention to its NFT realm. Following the introduction of the Ordinal theory a year ago, several projects have emerged with NFTs as inscriptions on the Bitcoin network. In December alone, the Bitcoin NFT ecosystem netted over $880 million, on-chain analysis from CryptoSlam shows.