Key Points
- Bitcoin’s bullish case for exceeding $100,000 is strengthening, according to Bitwise CIO Matt Hougan.
- Factors like institutional, macroeconomic, and on-chain elements, along with upcoming U.S. presidential elections, are contributing to this prediction.
Bitwise CIO Matt Hougan has recently confirmed the growing case for Bitcoin to surpass $100,000. He believes that Bitcoin, the only trillion-dollar asset in the crypto market, will inevitably reach six figures per coin. This prediction is based on a combination of institutional, macroeconomic, and on-chain factors.
Bitcoin ETFs and Institutional Interest
Eric Balchunas, an expert on exchange-traded funds, reported that U.S. spot Bitcoin exchange-traded funds have exceeded $20 billion in total net flows. Furthermore, the American Bitcoin ETF complex has accumulated over $65 billion in assets under management following a $1.5 billion inflow this week.
According to Balchunas, ETFs tracking traditional assets like gold took several years to reach these figures. However, Bitcoin products achieved this milestone within a year, indicating robust demand from both retail and institutional investors.
Upcoming U.S. Presidential Elections and Bitcoin
Hougan, along with QCP Capital and other experts, sees the forthcoming U.S. presidential elections as another potential catalyst for Bitcoin’s price surge. They note that pro-Bitcoin candidate Donald Trump leads several on-chain betting polls on platforms like Kalshi and Polymarket.
There is also a growing sentiment that Bitcoin’s price will perform strongly, regardless of which party takes control of the White House.
Hougan also pointed to Bitcoin whale accumulation as another bullish indicator. CryptoQuant data confirms that large Bitcoin holders have been purchasing the asset at unprecedented rates. Ki Young Ju, the founder of CryptoQuant, reported that Bitcoin’s open interest reached an all-time high of $20 billion, with new whale wallets now holding 9.3% of the total supply.
Crypto enthusiasts generally expect liquidity to flow into risk assets soon. They cite seasonal data, new stock price highs, and global rate cuts by central banks like the Federal Reserve as reasons for this expectation. Historically, Bitcoin has seen gains in the fourth quarter more often than not, and experts suggest that a low-funding rate environment could further support this trend.