While the Bitcoin and cryptocurrency markets have been experiencing ups and downs since the ATH in March, major increases are expected in October and beyond, which are historically known as the bullish months.
While many price predictions have been made for BTC at this point, one prediction came from Bitwise CIO Matt Hougan.
Speaking to The Block, Matt Hougan said that Bitcoin has the potential to rise above $80,000 in the 4th quarter and that three conditions need to be met for this to happen.
Bitwise CIO said he sees US election results, macroeconomic factors, and stability in the crypto sector as key factors for Bitcoin to surpass $80,000 in the last quarter.
1-US Election Results!
Matt Hougan said the US election was a big deal for cryptocurrencies and most people thought it was a binary outcome. For most voters, Trump = Good, Harris = Bad.
But Hougan said Bitcoin doesn't need politicians to thrive, it just needs them to get out of the way.
“At this point, I think that the expected development and rise in Bitcoin will occur if Democrats simply take a more neutral approach to the industry, barring Democrats taking control of both houses of Congress and the White House.”
2-Economic Events!
Regarding the economy, 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.
3-No Big Surprises!
According to 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, “If there are no major attacks, no new large-scale cases, no sudden unlocking of previously locked coins, then the rise will come.”
Hougan lastly stated that Bitcoin could even reach $100,000, but broader crypto enthusiasm is needed for $100,000.
“A broader crypto rally beyond these three conditions could definitely help Bitcoin reach $100K.”
*This is not investment advice.