bullish

Bitcoin

Apple

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<p dir="ltr">Matt Hougan, the CIO of Bitwise Investments, is still very bullish on&nbsp;<a href="https://u.today/bitcoin-14-years-ago-today-btc-was-priced-at-005" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) despite recent declines in the value of the leading cryptocurrency. Hougan predicted a long-term recovery for BTC while sharing his opinion on the current market downtrend in a&nbsp;<a href="https://x.com/Matt_Hougan/status/1820421047562170700" rel="noopener noreferrer nofollow">post</a> on X.</p>
<h2 id="hougan-s-express-confidence-for-bitcoin">Hougan’s express confidence for Bitcoin</h2>
<p dir="ltr">Bitcoin recently lost significant value plummeting to the $52,000 price range after climbing to an all-time high of $73,628. This decline follows general market volatility, which also caused the prices of altcoins like Ethereum (ETH) and XRP to plummet.</p>
<blockquote>
 <p lang="en" dir="ltr">The last time global capital markets panicked was March 12, 2020, when the reality of COVID set in. Bitcoin's price fell 37% that day, from $7,911 to $4,971. A year later, it was $57,332.People smash the sell button for liquid assets during broad-based panics. But from my…</p>— Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1820421047562170700?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2024</a>
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<p dir="ltr">Commenting on the market volatility, Hougan reminded his followers on X that the current state of the market resembles a similar scenario on March 12, 2020. According to him, this was the last recorded date the global market panicked during the COVID-19 epidemic.&nbsp;</p>
<p dir="ltr">At the time, BTC’s price fell from $7,911 to $4,971, demonstrating a 37% decline within 24 hours. Nevertheless, Bitcoin quickly recovered and even reached $57,332, a year later, demonstrating resilience in the face of adversity.</p>
<p dir="ltr">The Bitwise CIO believes Bitcoin can repeat the same recovery pattern, blaming the current sell-offs on panic from traders and investors. “People smash the sell button for liquid assets during broad-based panics. But from my seat, today's events play into the long-term story for Bitcoin,” Hougan concluded.</p>
<p dir="ltr">Meanwhile, this is not the first instance of Hougan forecasting a bullish outcome for the leading digital asset. Last week, the Bitwise CIO&nbsp;<a href="https://u.today/bitcoin-heading-higher-after-9700-price-increase-bitwise-cio-predicts" rel="noopener noreferrer nofollow">said</a> Bitcoin could be heading for higher prices due to its store-of-wealth value.&nbsp;</p>
<h2 id="other-proponents-of-bitcoin-s-bullish-outcome">Other proponents of Bitcoin's bullish outcome</h2>
<p dir="ltr">Samson Mow, the CEO of JAN3, added to the positive sentiment on Bitcoin,&nbsp;<a href="https://u.today/bitcoin-to-1-million-next-year-far-more-likely-now-samson-mow" rel="noopener noreferrer nofollow">forecasting</a> a price of $1 million within the next year. He based his prediction on expectations of American conglomerates like Apple and Berkshire Hathaway moving cash into Bitcoin.</p>
<p dir="ltr">Another individual going bold on Bitcoin’s future trajectory is MicroStrategy’s cofounder, Michael Saylor. “Believe in Bitcoin,”&nbsp;<a href="https://u.today/michael-saylor-issues-bitcoin-statement-amid-1-billion-market-crash" rel="noopener noreferrer nofollow">stated</a> Saylor in a recent message to the crypto community.</p>

Bitwise CIO Predicts Long-Term Uptick for Bitcoin Amid Sell-offs

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