Bitwise Chief Investment Officer Matt Hougan urged long-term investors to focus less on pinpointing the market bottom and more on the next bullish cycle for Bitcoin.
Hougan compared forecasts from three research firms: Galaxy Digital, NYDIG, and Standard Chartered. He noted that the firms have not reached a consensus on whether the market correction has ended.
Galaxy analyzed 13 indicators historically associated with market bottoms. Currently, only four are confirmed. Analysts suggest the price could fall within the $30,000-$54,000 range, with the most likely support level between $40,000 and $46,000.
NYDIG specialists noted that current metrics are close to the lows of previous cycles, but there are no signs of final capitulation in the market. Institutional demand, however, could make the current pullback less severe than before.
Analysts at Standard Chartered hold the most optimistic view, believing the bottom has already been reached at $59,000. The bank expects prices to rise to $100,000 by the end of the year amid improving macroeconomic conditions.
Hougan emphasized that despite differing figures, all three reports share common themes:
- The market bottom will be reached this year;
- The price is closer to the bottom than the peak;
- The long-term bullish trend remains intact.
According to the Bitwise representative, for long-term investors, the exact entry point is not crucial if the asset is expected to rise to $100,000 or higher in the future. Fundamental factors such as rising national debt and inflation continue to support Bitcoin’s value. Risks include quantum threats and regulatory tightening.
Earlier, on June 10, Hougan stated that financial advisors remain interested in cryptocurrencies, but their focus has shifted from digital gold to stablecoins and tokenized assets.
