Recent studies have shown that the number of people who are able to speak English is increasing. memo Matt Hougan, Bitwise CIO Matt Hougan shared several factors with Bitwise clients that could lead Bitcoin (BTC), to drop. “melt-up” Up to $80,000 by the end of 2024.
Factors To Propel Bitcoin To $80,000
Hougan highlighted the three key conditions which could propel BTC to new All-Time Highs (ATH) by 2024. He first pointed out that the upcoming U.S. Presidential elections in November could have an impact on BTC’s price.
Hougan says that anything but a Democratic sweep will benefit the cryptocurrency with the highest market capital.
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In the memo, Hougan explained that while many view the election as a binary choice – with Republican candidate Donald Trump favorable for the crypto industry and Democratic candidate Kamala Harris seen as detrimental – the reality on the Democratic side is more nuanced. He stated:
From Senator Elizabeth Warren’s (D. Mass.) perspective, the Democratic Party’s views on crypto are very different. “Anti-Crypto Army” Representative Ritchie Torres’ (D.N.Y.) strong support. It has been a problem for four years that the Warren Wing has been in control of policy appointments and the agencies. This has led to a hostile climate within the industry.
Hougan showed confidence in Republicans by stating that they would win if the Republicans won. “undoubtedly” Positive for Crypto. But he did also refer to a comment made by Maxine Waters – Democrat, recently. “crypto is inevitable,” Democrats could become more open-minded about digital assets.
Hougan drew attention, secondly, to interest rates cuts by the US Federal Reserve. On September 18, The Fed reduced key interest rate by 50 basis points, causing a cryptocurrency rally. The People’s Bank of China (PBoC), in its decision to stimulate the Chinese economy, also gave digital assets more power.
Hougan stated that market expectations are for another Fed rate cut of 50 basis points before the end of the year, as well as additional Chinese fiscal stimuli. Crypto market may see strong growth Q4 2024 rally if both occur.
Hougan also mentioned that BTC would be able to reach $80,000 in a period without major surprises. Hougan concluded that negative surprises such as an important crypto exchange hack or new lawsuits could derail the momentum.
A Key Ingredient for the Rip to $100,000 BTC
Hougan said that a growing crypto sentiment is needed for BTC’s ambitious target of $100,000 in the next few months.
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The famous “He recalled” “DeFi summer” As an example, 2020 envisions that the crypto market will undergo a similar shift, driven by the increasing use of high-throughput Blockchains, stablecoins as well as innovation in passive yield solution.
Zach Bradford, the CEO of CleanSpark Crypto Mining, has recently been featured in a related article. opined Bitcoin’s value could rise to $200,000 within the next 18-months, if the conditions are right.
That being said, recent geopolitical escalations In the short-term, the Middle East could negatively impact assets that are risky such as crypto and stocks. BTC was trading at $61,999 during press time. It is down 1.4% over the last 24 hour.
Charts from Tradingview.com and Unsplash.
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Source: www.newsbtc.com
