In a CNBC interview on 6 December 2023, Matt Hougan, the Chief Investment Officer at Bitwise Asset Management, discussed the recent spike in Bitcoin and other cryptocurrencies, paralleling the significant rise in gold prices. He suggested that this trend reflects a shift towards assets that are sensitive to inflation and offer protection against economic risks, likely driven by declining interest rates in the U.S. and expectations of future rate cuts.
Drivers of the Current Crypto Rally
Speaking on the potential introduction of a spot Bitcoin ETF in the U.S. and the entry of professional and institutional investors into the crypto market, Hougan expressed a bullish outlook for Bitcoin, predicting new all-time highs in the next six months to a year. He described the current phase as ‘crypto spring,’ marking the beginning of what he believes will be a multi-year bull market and the mainstream era of cryptocurrencies.
Matrixport’s Optimistic Bitcoin Prediction
Matrixport, published a comprehensive report analyzing the potential for Bitcoin’s bull market to extend into 2024, predicting it will reach $63,140 by April 2024 and soar to an impressive $125,000 by year-end. These forecasts are grounded in a detailed examination of Bitcoin’s past performance, current market dynamics, and overarching macroeconomic elements. The report also looks at Bitcoin’s market behavior and inflation model and predicts a sustained positive momentum for cryptocurrencies.
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