According to Bitwise Chief Investment Officer Matt Hougan, the crypto market is set to continue its recent rally, with Bitcoin potentially reaching new all-time highs within the next 6-12 months. During an interview on CNBC on December 6th, Hougan argued that the spike in Bitcoin and crypto assets is a result of increasing institutional interest, speculation around a spot Bitcoin ETF approval, and investors positioning into inflation and risk-on assets due to falling bond yields.
Hougan believes this rally has the potential to continue over the long term, signaling the beginning of widespread institutional adoption of crypto assets. He stated that the market is transitioning from retail-dominated to rising participation from institutional investors.
In addition, Hougan predicted that the “crypto winter” is over and a major, multi-year bull market is underway. He stated that the arrival of an ETF, such as BlackRock, marks the first time “big money” has entered the crypto market. With volatility expected after this year’s hefty upsurge, Hougan is confident that Bitcoin will reach new all-time highs within the next 6-12 months.