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

U.Today - Matt Hougan, the CIO of Bitwise Investments, is still very bullish on Bitcoin (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 post on X.

Hougan’s express confidence for BitcoinBitcoin 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.

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.

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.

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.

Meanwhile, this is not the first instance of Hougan forecasting a bullish outcome for the leading digital asset. Last week, the Bitwise CIO said Bitcoin could be heading for higher prices due to its store-of-wealth value.

Other proponents of Bitcoin's bullish outcomeSamson Mow, the CEO of JAN3, added to the positive sentiment on Bitcoin, forecasting a price of $1 million within the next year. He based his prediction on expectations of American conglomerates like Apple (NASDAQ:AAPL ) and Berkshire Hathaway (NYSE:BRKa ) moving cash into Bitcoin.

Another individual going bold on Bitcoin’s future trajectory is MicroStrategy’s cofounder, Michael Saylor. “Believe in Bitcoin,” stated Saylor in a recent message to the crypto community.

Source: Investing.com