Matt Hougan, Chief Investment Officer (CIO) of It was drowned released a new report predicting that the price of Bitcoin (BTC) may rise to $80,000 before the end of the year. It highlights key dynamics in the background The highest price of Bitcoins in Marchthe Bitwise CIO revealed several factors that could act as a major catalyst, driving Bitcoin to an even higher ATH.
Factors That Could Drive Bitcoin To $80,000
On October 9, Hougan released ia blog post to highlight Bitcoin’s next bullish goal. According to the analyst, the First Quarter (Q1) of 2024 was the best time for Bitcoin, and its price rises to new all-time highs above $73,000, driven by the demand following the launch of Bitcoin. Spot Bitcoin Exchange Traded Funds (ETFs).
Right now, Hougan believes that BTC has an opportunity it is beating at its current strength then push to $80,000 before the end of 2024. He outlined three major conditions needed for cryptocurrency to succeed this year.
According to Hougan, the results of the upcoming United States (US) Presidential election they are a critical factor that has the potential to influence the strength of Bitcoin in the market. He believes that the victory of the Republic would be a positive development for the crypto industry, if considered Former US president Donald TrumpGrowing support and representation in the digital asset space.
On the other hand, Bitwise CIO revealed that the public support for cryptocurrencies of the US Democratic party has been subtle. For example, Senator Elizabeth Warren, who is a Democrat, is known for her stance against crypto, always aiming to implement policies that will put difficulties in the crypto industry.
Based on this, Hougan concluded that the crypto industry does not need politicians, but it needs them on the road for the market to succeed. He predicts that by preventing the Democratic sweep of both houses of Congress and the White House, BTC can see its price reach $80,000.
Going forward, Hougan suggests that the double devaluation and global stimulus may be the strongest reason for Bitcoin’s price increase to $80,000. Bitwise CIO puts that 50 bps more in weight loss Federal Reserve (FED) and other financial reforms from China could drive a Bitcoin’s biggest rally in Q4.
No more Bearish Wonders
In his blog post, Hougan emphasized the need for the market to have a period without surprises such as hacksnew cases or the sudden release of coins that were previously locked in the market. Bitwise CIO noted that these events tend to influence Bitcoin price movements significantly, often resulting in low pressure.
For example, BTC price is relatively range boundfailed to rally significantly following the release of previously locked Bitcoin from failed exchange, Mt.Gox. Based on this, Hougan predicted that if the market can pass a year without shocking events, Bitcoin can jump to $ 80,000 and more.
The featured image was created with Dall.E, a chart from Tradingview.com
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