Matt Hougan, Chief Investment Officer at Bitwise, has forecasted that Bitcoin could reach $100,000 by the end of 2024.
Despite short-term negative news, Hougan points to numerous long-term positive factors, including Bitcoin’s halving, the influx of funds into Bitcoin spot ETFs, the launch of the Ethereum spot ETF, changing U.S. government perceptions, and expected Federal Reserve rate cuts.
Bullish Outlook for Bitcoin in 2024
On July 10, 2024, Matt Hougan, the Chief Investment Officer of Bitwise, expressed his view that Bitcoin (BTC) could reach $100,000 by the end of 2024.
Hougan noted that while Bitcoin’s price is currently affected by negative news in the short term, there are many positive factors in the long term.
Hougan identified several bullish factors for Bitcoin’s potential price increase:
• Bitcoin Halving: The upcoming halving event.
• Influx of Funds into Bitcoin Spot ETFs: Increased investments.
• Launch of Ethereum Spot ETF: Scheduled for launch soon.
• Changing Perception of Cryptocurrencies by the U.S. Government: Positive regulatory shifts.
• Federal Reserve’s Expected Rate Cuts: Predicted to reduce rates.
Additionally, Hougan highlighted the growth of stablecoins, advancements in Layer 2 solutions, and the entry of major companies like BlackRock as significant bullish factors. He stated, “The current bearish factors are temporary, and the long-term bullish factors will continue.”
Ethereum Spot ETF and Federal Reserve Rate Cuts
One notable development is the imminent launch of the Ethereum spot ETF. Furthermore, the anticipated rate cuts by the U.S. Federal Reserve in 2024 are expected to positively impact the Bitcoin market.
Hougan argued that the current market presents an excellent buying opportunity for long-term investors, based on the belief that the current price decline is temporary and that Bitcoin’s price is likely to rise as long as the bullish factors persist.
Bitwise currently offers a Bitcoin spot ETF in the United States and has applied for an Ethereum spot ETF.
The expected increase in capital inflow into the cryptocurrency market is likely to bolster investor confidence. Hougan’s prediction is seen as a positive signal for the entire cryptocurrency market, with heightened expectations for the future price appreciation of Bitcoin and Ethereum.
Bitcoin’s price is anticipated to be influenced by various bullish factors moving forward. The launch of the Ethereum spot ETF would further strengthen market confidence.
Additionally, the Federal Reserve’s rate cuts are expected to have a positive impact on the overall cryptocurrency market.
Investors will need to closely monitor market trends and make informed investment decisions. If Bitcoin and Ethereum’s prices rise, it would significantly boost confidence in the entire cryptocurrency market, paving the way for further growth.
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