Matt Hougan, Bitwise COO, is optimistic about Bitcoin’s prospects, predicting the potential for a substantial rally that could push its price into six figures.
He attributes this outlook to several critical developments.
On October 18, a surge in spot Bitcoin ETF activity signaled growing interest from institutional investors. Bitcoin, currently valued above $1 trillion, has maintained momentum, trading at $68,154.
Analyst Eric Balchunas highlighted the rapid growth of U.S. Bitcoin ETFs, which have seen over $20 billion in net inflows, significantly outpacing traditional ETFs like those tracking gold.
Looking ahead, experts suggest the 2024 U.S. presidential election could act as a catalyst for Bitcoin’s upward trajectory, especially with renewed political backing. Additionally, fiscal concerns and possible global interest rate reductions could boost Bitcoin’s appeal as a deflationary asset.
The aftermath of Bitcoin’s halving is already being felt, with large holders significantly increasing their reserves this year, now accounting for nearly 49% of the market’s realized value. The approval for Bitcoin ETF options trading by the NYSE could further drive this trend.
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.
Bitcoin has dropped sharply to test its local range low near $115,000, with analysts pointing to renewed whale activity and long-dormant supply movements as key contributors to the decline.
Bitcoin has reached a critical milestone in its programmed supply timeline—only 5.25% of the total BTC that will ever exist remains to be mined.
Strategy the company formerly known as MicroStrategy, has announced the pricing of a new $2.47 billion capital raise through its initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).