Bitwise CIO Predicts Long-Term Uptick for Bitcoin Amid Sell-offs
u.today 05 August 2024 15:55, UTC Matt Hougan, the CIO of Bitwise Investments, is still very bullish on Bitcoin (BTC) despite recent declines in the value of the leading cryptocurrency. Hougan predicted a long-term recovery for BTC while sharing his opinion on the current market downtrend in a post on X.
Hougan’s express confidence for Bitcoin
Bitcoin recently lost significant value plummeting to the $52,000 price range after climbing to an all-time high of $73,628. This decline follows general market volatility, which also caused the prices of altcoins like Ethereum (ETH) and XRP to plummet.
The last time global capital markets panicked was March 12, 2020, when the reality of COVID set in.
Bitcoin’s price fell 37% that day, from $7,911 to $4,971. A year later, it was $57,332.
People smash the sell button for liquid assets during broad-based panics. But from my…
— Matt Hougan (@Matt_Hougan) August 5, 2024
Commenting on the market volatility, Hougan reminded his followers on X that the current state of the market resembles a similar scenario on March 12, 2020. According to him, this was the last recorded date the global market panicked during the COVID-19 epidemic.
At the time, BTC’s price fell from $7,911 to $4,971, demonstrating a 37% decline within 24 hours. Nevertheless, Bitcoin quickly recovered and even reached $57,332, a year later, demonstrating resilience in the face of adversity.
The Bitwise CIO believes Bitcoin can repeat the same recovery pattern, blaming the current sell-offs on panic from traders and investors. “People smash the sell button for liquid assets during broad-based panics. But from my seat, today’s events play into the long-term story for Bitcoin,” Hougan concluded.
Meanwhile, this is not the first instance of Hougan forecasting a bullish outcome for the leading digital asset. Last week, the Bitwise CIO said Bitcoin could be heading for higher prices due to its store-of-wealth value.
Other proponents of Bitcoin’s bullish outcome
Samson Mow, the CEO of JAN3, added to the positive sentiment on Bitcoin, forecasting a price of $1 million within the next year. He based his prediction on expectations of American conglomerates like Apple and Berkshire Hathaway moving cash into Bitcoin.
Another individual going bold on Bitcoin’s future trajectory is MicroStrategy’s cofounder, Michael Saylor. “Believe in Bitcoin,” stated Saylor in a recent message to the crypto community.
