- A recent Forbes report reveals that Bitcoin and XRP experienced a rally fueled by AllianceBernstein analysts’ bold $1.5 trillion market cap forecast for Bitcoin.
- The prediction of Bitcoin reaching $80,000 within a year, coupled with expectations of substantial ETF inflows, contributed to the positive momentum in both cryptocurrencies.
A recent Forbes report has set the crypto world abuzz with a bold prediction by AllianceBernstein analysts, forecasting a staggering $1.5 trillion market capitalization for Bitcoin by the end of 2024. This bullish outlook triggered a remarkable rally, not only for Bitcoin but also for XRP, showcasing the interconnected nature of the cryptocurrency market.
Forbes senior contributor Billy Bambrough outlined the recent events that fueled this surge. A flash crash temporarily dipped Bitcoin below $40,000, prompting concerns. However, both Bitcoin and XRP quickly rebounded, thanks to growing optimism surrounding a potential approval of a Bitcoin spot ETF by the U.S. SEC.
Also Read: U.S. Exchanges Propel Spot Bitcoin ETFs Towards SEC Approval
AllianceBernstein’s Projections
The catalyst for this surge was the AllianceBernstein analysts’ prediction of Bitcoin’s price reaching $80,000 within the next 12 months. The forecast anticipates a gradual influx of funds into Bitcoin ETFs, with an estimated $5 billion inflow in the first half of 2024, rising to $10 billion in the second half. By 2028, they expect a substantial 10% of Bitcoin to be held in ETFs.
While Bitcoin’s ETF approval might trigger a brief selloff, analysts point to other supporting factors, such as the 2024 halving and growing corporate demand.
Also Read: Navigating Ripple’s Legal Maze: Key Developments in XRP Lawsuits
The optimistic forecasts indicate a sustained upward momentum not only for Bitcoin but also for related cryptocurrencies like XRP. As the crypto market continues to evolve, these projections emphasize the potential for significant growth and mainstream acceptance.
