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Bitwise CIO: Retail Investor Sell-Off Exhaustion Near, Bitcoin Bottom May Be Close
BlockBeats News, November 5th, Bitwise Chief Investment Officer Matt Hougan stated that despite Bitcoin falling below $100,000 to hit a new low since June, sparking market concerns about a "crypto winter," he believes that the current market is closer to the bottom rather than the start of a new prolonged bear market.
Matt Hougan said that retail investors are currently in a state of "extreme despair," with frequent leverage liquidations and market sentiment hitting a new low; however, institutional investors and the financial advisor community continue to maintain a bullish attitude, steadily allocating to Bitcoin and other crypto assets through ETF channels. He pointed out that institutions are becoming the main driving force in the market.
Matt Hougan stated that the selling pressure from retail crypto investors is approaching "exhaustion," and he believes that the bottom of the Bitcoin price is about to emerge, and it will happen earlier than expected. He believes that Bitcoin still has a chance to reach a new high this year, with the price possibly rising to the $125,000 to $130,000 range, and if the trend is favorable, it may even touch $150,000. Hougan believes that as institutional buying pressure continues to grow, the next stage of the crypto market will be driven by more rational capital.
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