CandleFocus CIO of a Giant Investment Company Reveals His Prediction for the Level of Bitcoin Price in the Near Future
2024-09-28
Author: Content Editor
According to Matt Hougan, Chief Investment Officer at Bitwise, Bitcoin's price could reach $100,000 or even $200,000 soon due to high demand and limited supply. He attributes Bitcoin's recent surge to the interest in new spot Bitcoin ETFs. Hougan believes that the launch of these ETFs is driving up the price and creating a period of new price discovery. He expects institutional interest to increase in the coming months, which could push prices even higher. Hougan explains that the demand for Bitcoin ETFs outweighs the supply, with ETFs purchasing 30,000 Bitcoins in a week compared to miners producing less than 3,000 new coins. He predicts that the upcoming BTC halving event will reduce supply further and increase upward pressure on prices. Hougan suggests that Bitcoin could surpass $200,000 if these conditions persist and expects ongoing innovation in the ETF space. Bitwise is also exploring opportunities for launching an Ethereum ETF by the end of the year.
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