{"id":17645,"date":"2024-10-09T17:38:44","date_gmt":"2024-10-09T14:38:44","guid":{"rendered":"https:\/\/forklog.com\/en\/bitwise-outlines-conditions-for-bitcoin-to-surpass-80000-by-year-end\/"},"modified":"2024-10-09T17:38:44","modified_gmt":"2024-10-09T14:38:44","slug":"bitwise-outlines-conditions-for-bitcoin-to-surpass-80000-by-year-end","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitwise-outlines-conditions-for-bitcoin-to-surpass-80000-by-year-end\/","title":{"rendered":"Bitwise Outlines Conditions for Bitcoin to Surpass $80,000 by Year-End"},"content":{"rendered":"

A Trump victory in the U.S. elections, a 50 basis point rate cut by the Fed<\/span> with new stimuli from China, and a lack of major surprises in the industry are the conditions for bitcoin to rise above $80,000 by the end of the year, according to Bitwise, reports The Block<\/a>.<\/p>\n

Matt Hougan, the company’s CIO<\/span>, confirmed the year-end forecast. He previously cited the approval of a BTC-ETF and the fourth halving as drivers.<\/p>\n

In his latest note, the expert emphasized that a victory by Democratic candidate Kamala Harris could hinder the scenario.<\/p>\n

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“The party has varying views on cryptocurrencies, from Senator Elizabeth Warren’s ‘anti-crypto army’ to deep support from Representative Ritchie Torres. The problem over the past four years has been that the former controlled policy and agency appointments, creating a hostile environment for the sector,”<\/em> Hougan noted.<\/p>\n<\/blockquote>\n

The Bitwise CIO is convinced that bitcoin needs politicians to “get out of the way.”<\/p>\n

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“In the absence of a Democratic majority in both houses of Congress and a Harris victory, the party will adopt a more neutral approach to the industry,”<\/em> the specialist predicted.<\/p>\n<\/blockquote>\n

The prediction platform Polymarket indicates a 20% chance of full legislative control by the “donkeys”<\/a> versus 33% for the “elephants”<\/a>. The probability of a Trump victory is estimated at 53%, noted the Bitwise CIO.<\/p>\n

Regarding industry surprises, Hougan explained that these refer to “hacks, large-scale lawsuits, and major coin unlocks.”<\/p>\n

The expert is convinced that digital gold does not require support from Ethereum, Solana, or “new altcoins like Sui, Aptos, and Monad” for a rally.<\/p>\n

For a “full-scale surge” to $100,000 in just a few months, the entire market would need to embrace pro-crypto sentiments, Hougan added.<\/p>\n

In conclusion, the Bitwise CIO noted that bitcoin is already having a good year thanks to its mainstream acceptance among politicians and increased institutionalization through ETFs.<\/p>\n

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“Regardless of what happens this year, the price of digital gold will aim for $80,000 and much higher in 2025,”<\/em> he explained.<\/p>\n<\/blockquote>\n

Bernstein’s Position<\/strong><\/h2>\n

Bernstein also indicated<\/a> a rise in bitcoin to $80,000-90,000 in the event of a Republican candidate’s victory on November 5. A switch from Joe Biden to Harris would lead to a retreat to $40,000, without altering long-term positive prospects, analysts added.<\/p>\n

Specialists confirmed their expectations amid the largest divergence in odds in favor of the former president since the Democratic representative was officially nominated as a contender.<\/p>\n

\"1-1247\"
Data: Polymarket<\/a>.<\/figcaption><\/figure>\n

Experts noted that bitcoin would move sideways if the odds of a Harris and Trump victory converge. However, growth will intensify if the latter maintains or strengthens his lead.<\/p>\n

In altcoins, a sideways trend is expected until the election results are finalized. Market participants want “more clarity regarding the SEC<\/span> chair,” Bernstein indicated.<\/p>\n

Earlier, a list of candidates for the head of the agency in the event of a Trump victory appeared in the media.<\/p>\n

As reported, Standard Chartered predicted a fivefold increase in Solana if the former U.S. president returns to the White House.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Trump victory in the U.S. elections, a 50 basis point rate cut by the Fed with new stimuli from China, and a lack of major surprises in the industry are the conditions for bitcoin to rise above $80,000 by the end of the year, according to Bitwise, reports The Block. Matt Hougan, the company’s […]<\/p>\n","protected":false},"author":1,"featured_media":17644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,1643,949,1146,1150,842,36],"class_list":["post-17645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-bernstein","tag-bitwise","tag-cryptocurrency-market-forecasts","tag-news-plus","tag-politics","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17645"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17644"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}