Bitwise CIO Matt Hougan predicts Bitcoin could reach $80,000 by the end of Q4 2024, driven by political and economic factors. In an October 8, 2024 memo, Hougan highlighted the U.S. presidential election, economic developments, and market stability as key influences. He suggested a Trump victory in the election might boost Bitcoin, while a Democratic win, especially with Kamala Harris, could pose challenges. Hougan also pointed to recent interest rate cuts by the Federal Reserve and China’s fiscal stimulus as economic drivers supporting Bitcoin’s rise.
He believes the crypto market must remain stable, free from major disruptions like hacks or lawsuits, to reach the $80,000 mark. Hougan also emphasized the potential role of altcoin growth in fueling Bitcoin’s momentum, as excitement in the altcoin market could create a positive ripple effect. If these conditions are met, Hougan remains confident in Bitcoin’s significant rally by the end of the year, with the possibility of hitting $100,000 soon after if market sentiment improves.
