'We Go Higher Fast' — Bitwise CIO Predicts Bitcoin Breakout as Investors Fear Being Left Behind
By: bitcoin.com|2024/10/22 14:13:40
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Bitcoin’s sharp rally has Bitwise CIO Matt Hougan rethinking how fast the crypto could skyrocket, as investors rush to position themselves ahead of the next big surge. “People don’t want to be left behind if and when crypto takes off,” he stressed. “There is a lot of dry powder on the sidelines.” He predicted: “As soon as we get any whiff of clarity, I think we go higher fast.”
Matt Hougan Discusses Crypto Rally Fueled by Regulatory Hopes
Matt Hougan, the chief investment officer at Bitwise Asset Management, released a memo on Tuesday titled “Crypto Is Not Going To Wait for the Election,” where he delved into the notable surge in cryptocurrency markets.
The executive observed that bitcoin climbed more than 5%, while ether jumped over 7%, marking the most significant one-day increase in nearly two months. He explained:
The rally was caused in part by a plan Democratic presidential candidate Kamala Harris unveiled on Monday, which — among other things — espoused a smart regulatory framework for crypto.
Investors reacted strongly to this news, funneling $555 million into bitcoin exchange-traded funds (ETFs) on Monday, marking the largest inflow in four months, he described. However, Hougan suggested that while Harris’s proposal made headlines, it was more symbolic than transformative for the industry. He likened it to a “Rorschach test” for those on both sides of the regulatory debate but acknowledged its impact on market momentum.
Hougan pointed out that even the smallest piece of favorable news could ignite movement in the crypto space. “That little sliver of good news was enough to send bitcoin up 5%. Enough to push more than $500 million into bitcoin ETFs. Enough for people to start wondering if crypto is finally going to make an assault on all-time highs,” he wrote. He noted that the price activity reflects significant capital waiting to enter the market once regulatory conditions become clearer.
Regarding bitcoin’s price trajectory, Hougan recalled his prior forecast: “In last week’s memo, I talked about what was needed to push crypto to new all-time highs and bitcoin above $80,000. In terms of the election, I mentioned that either a GOP victory or a split government would do. My comments implied that we would have to wait until the election before we made the next run on $80K.” But in his latest note, he opined:
After today, I’m not so sure. Monday’s rally tells me people don’t want to be left behind if and when crypto takes off. There is a lot of dry powder on the sidelines. As soon as we get any whiff of clarity, I think we go higher fast.
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