Bitcoin’s historical price cycles could be shifting, according to Bitwise Chief Investment Officer Matt Hougan.
He suggests that regulatory changes under the Trump administration and rising institutional interest may push the current bull market beyond 2026, breaking the traditional pattern of sharp price corrections.
Bitcoin has historically followed a cycle of three bullish years followed by a major downturn, with halvings often cited as the primary driver. Hougan, however, disputes this, arguing that institutional adoption plays a bigger role in shaping price trends. He predicts Bitcoin could double in value this year, potentially surpassing $200,000, fueled by ETF inflows and corporate accumulation.
Trump’s recent executive order on crypto regulation could further accelerate Bitcoin’s adoption. The policy prioritizes digital assets in the U.S. financial system, proposes a national crypto reserve, and clears a path for major banks and investment firms to integrate crypto holdings. While the full effects may take time, Hougan believes this shift will ultimately bring trillions into the market.
If Bitcoin’s cycle is evolving, future downturns may not be as severe as in previous years. With institutional backing and clearer regulations, Hougan suggests that any correction will likely be shallower and shorter-lived.
His outlook aligns with Standard Chartered’s forecast, which anticipates Bitcoin reaching $200,000 by the end of 2025—an indication that the crypto market could be moving toward greater long-term stability.
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