Bitwise Chief Investment Officer Matt Hougan has outlined a “playbook” for Bitcoin BTC/USD to reach $80,000 by the end of 2024, highlighting key factors that could drive the cryptocurrency to new heights.
What Happened: In his memo on Wednesday, Hougan reaffirms his prediction from last year, emphasizing that this forecast is conditional on several factors, primarily related to political, economic and crypto-specific developments.
Regarding the U.S. election, Hougan suggests that any outcome other than a Democratic sweep would be favorable for Bitcoin. He notes, “To thrive, bitcoin doesn’t need politicians. It just needs them to get out of the way.”
Hougan cites Polymarket data showing a 20% probability of a Democratic sweep.
On the economic front, Hougan believes two rate cuts from the Federal Reserve and additional global stimulus, particularly from China,…
