According to Bitwise Chief Investment Officer Matt Hougan, 2025 is expected to be a strong year for Bitcoin. However, he believes that the market may break away from previous patterns in 2026. Hougan argues that macroeconomic factors now drive the market more than halving events, and Bitcoin's traditional three strong years followed by a pullback pattern may no longer be valid. He suggests that major regulatory and economic changes, such as Grayscale's legal victory against the SEC in 2023 and Donald Trump's executive orders regarding digital assets, have been key catalysts for the current bull run. Hougan predicts that strong ETF inflows and institutional Bitcoin buying could push BTC beyond $200,000 by 2025, but acknowledges increasing market leverage and the need for regulatory support to prevent overcorrections.



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