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Bitwise CIO: Bitcoin Primed for Historic Rally After Market Turmoil
Matt Hougan, Chief Investment Officer at the $12 billion asset manager Bitwise, has boldly declared that Bitcoin (BTC) is primed for a historic rally following recent market turmoil. According to Hougan, the number one cryptocurrency’s dramatic evolution since its early days has transformed it from being perceived as a speculative gamble to a legitimate macro asset.
In his analysis, Hougan highlights the significant change in sentiment around Bitcoin, citing institutional investors’ increasing involvement and adoption of digital assets. This shift, he claims, has rendered Bitcoin far more resilient than ever before. Gone are the days when panic dominated market decisions; today’s holders appear more long-term believers, having weathered the storm with a broader distribution of ownership.
Hougan attributes this resilience to the elimination of existential threats that once plagued BTC’s viability, including fears of exchange collapses, technological failures, and government bans. Specifically, he points to the establishment of a Strategic Bitcoin Reserve by President Donald Trump as a turning point, eliminating any remaining concerns about the asset’s long-term potential.
In light of this new landscape, Hougan foresees an unprecedented surge in BTC prices. “Bitcoin bulls should be inspired by its performance,” he stressed, predicting that once market volatility settles down, we’ll see Bitcoin return to new all-time highs and beyond.
Reactions within the crypto community were diverse, with some users praising Hougan’s bold prediction, while others remained skeptical. Some notable responses include predictions from Ali Martinez, a prominent on-chain analyst, who suggests a breakout above $86,900 could lead to a potential peak near $208,550 using Mayer Multiple trends. Additionally, trader Aylo expressed cautious optimism, believing that there is little short-term downside risk for Bitcoin.
As the price of BTC has surged by 8% in the past 24 hours and currently trades around $81,770, it remains to be seen whether Hougan’s prediction comes to pass.
Source: https://cryptopotato.com/bitwise-cio-bitcoin-primed-for-historic-rally-after-market-turmoil/
