Bitcoin BTC/USD enthusiasts have reason to be optimistic as the Chief Investment Officer of Bitwise, Matt Hougan, has projected that the apex crypto could hit a six-figure price by 2025.
What Happened: Hougan cited several factors that could propel Bitcoin’s price upward, in a recent interview on the Altcoin Daily channel.
He pointed to the recent halving event in April, which slashed miners’ rewards by half, as a significant influence on Bitcoin’s market dynamics.
“I think it’s going to be a new all-time high. I think it’s going to be six-figure Bitcoin for sure,” said Hougan.
“It’s a risky market. You should only invest what you can lose. But the setup for 2025 is really exceptional.”
Additionally, Hougan expects spot Bitcoin exchange-traded funds (ETFs) to become more prominent next year. He also highlighted potential Federal Reserve rate cuts as a bullish catalyst for Bitcoin’s price increase.
Hougan expressed confidence that Bitcoin might reach new all-time highs before the year ends, noting the substantial liquidity available for investment in the crypto market.
Why It Matters: Hougan’s prediction comes amid a backdrop of increasing institutional interest in Bitcoin.
Recently, MicroStrategy Inc. MSTR founder Michael Saylor challenged Bitcoin skeptics to short the company’s stock, emphasizing their commitment to holding Bitcoin.
Furthermore, Morgan Stanley, despite previous skepticism from its executive chairman James Gorman, has actively recommended Bitcoin-related investments to clients this year. This shift indicates a growing acceptance of Bitcoin among traditional financial institutions.
Additionally, the recent rise in Bitcoin’s price, with traders like Astronomer Zero reporting strong bullish signals, further supports the optimistic outlook for Bitcoin’s future.
Price Action: At the time of writing, Bitcoin’s price was hovering at $68,361, up by 0.31% in the past 24 hours, according to Benzinga Pro data.
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