Bitwise CIO: Three Conditions Must Be Met for Bitcoin to Break Through $80,000

ChainCatcher news, according to The Block report, Bitwise CIO Matt Hougan stated that the results of the U.S. election, economic conditions and no major surprises in the crypto industry are three conditions needed for Bitcoin's rebound to over $80,000 in Q4.

However, a "full rise" to $100,000 within a few months would require a broader cryptocurrency rebound to boost market sentiment. By the end of 2023, Bitwise predicts that Bitcoin will double from its then price of $42,400 to over $80,000 by the end of this year and use approval of US spot Bitcoin ETFs and Bitcoin's fourth halving event as catalysts.

In a memo given to clients on Wednesday, Hougan still sticks with this prediction; an ideal election outcome is avoiding a complete Democratic victory. He believes Republican success is beneficial for the crypto industry but attitudes towards cryptocurrencies vary within Democrats.

Current predictions show Trump has a 53% chance of winning. Economically speaking,Hougan suggests two interest rate cuts totaling 50 basis points before year-end along with additional fiscal stimulus from China.

He emphasized that people's trust in bitcoin stems from distrust in government currency management. In addition,the crypto industry needs stability - avoid significant hacker attacks,lawsuits or large amounts locked coins suddenly entering into market.