While Bitcoin and cryptocurrency markets have been experiencing volatility, significant gains are expected in October and beyond, historically known as bullish months. Bitwise CIO Matt Hougan has shared his prediction for Bitcoin's rise to $80,000 in the fourth quarter.
US Election Results
Matt Hougan highlighted that the US election is a significant factor for cryptocurrencies, and many view the outcome as binary. For most voters, Trump = Good, Harris = Bad. However, Hougan emphasized that Bitcoin can thrive without political interference, as long as politicians do not obstruct the industry's growth.
Economic Events
Bitwise CIO stated that two interest rate cuts totaling 50 basis points by the end of the year and additional fiscal stimulus from China are other necessary conditions for Bitcoin’s rise.
No Big Surprises
According to the Bitwise CEO, the final requirement for Bitcoin to trade above $80,000 this year is a period without major surprises in the crypto sector. According to Hougan, the absence of major attacks, no new large-scale cases, or sudden unlocking of coins will allow its rise to strengthen.
Although predictions can vary, Bitwise's three conditions reflect a strategic approach to market analysis, and many investors will be closely monitoring developments.