- Bitwise CIO Matt Hougan views the current market stage as early, predicting Bitcoin could reach US$100,000 soon.
- Hougan projects Bitcoin’s maturity at a US$500k valuation, aligning its status with gold in terms of market acceptance and stability.
- While Bitcoin’s long-term potential is seen as bullish, immediate pullbacks are possible, with varied analyst predictions on its near-term trajectory.
With Bitcoin hitting a new high pretty much on a daily basis, you may be wondering if it’s too late to buy into the market. After all, you wouldn’t want to buy at the top just to see the price collapse, leaving you with a hefty loss.
And while no one can guarantee that we’re not going to see a correction of some form, Bitwise Chief Investment Officer (CIO) Matt Hougan says it’s still early.
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Hougan acknowledges that the market has had a pretty impressive run-up, but says “$100,000 feels like it could be right around the corner”.
Bitcoin Has Not Yet Matured, Says Hougan
The CIO believes it’s still early until BTC hits US$500k (AU$770k) because that’s when Bitcoin is reaching maturity. He argues that until Bitcoin becomes a ‘boring’ asset, like gold, and gets close to gold’s market cap, there’s still time to get invested.
The market has come a long way with the massive success of bitcoin ETPs and the rise of pro-crypto policymakers. But until bitcoin is as boring as gold—widely held by central banks and institutions alike—it’s by definition still early.
Matt Hougan, BitwiseHougan admits though that there’s no guarantee that Bitcoin will ever hit US$100k, let alone US$500k, but with increasing adoption and buy-ins by large investors – and governments – it might even go higher.
Today, governments hold roughly 20% of the world’s gold reserves, compared to less than 2% of the world’s bitcoin. For bitcoin to approach the half-million-dollar level, we would need to see that gap narrow.
Matt Hougan, BitwiseNot All Analysts Agree with US$100k Bitcoin in 2024
However, while the long-term outlook is bullish, we may still see pullbacks. Many analysts expect US$100k by the end of 2024, not so CryptoQuant founder and CEO Ki Young Ju.
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He expects Bitcoin to be at US$58,974 (AU$90,969) because of BTC futures overheating:
I expected corrections as BTC futures market indicators overheated, but we’re entering price discovery, and the market is heating up even more. If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market, imo.
Ki Young Ju, CryptoQuantCredit: Source link
