According to TechFlow, on October 9, The Block reported that Matt Hougan, chief investment officer of crypto asset management company Bitwise, said that Bitcoin needs to meet three conditions to break through $80,000 in the fourth quarter: the results of the US election, economic conditions, and no major surprises in the crypto industry.
Hougan pointed out that the ideal election result is to avoid a complete victory for the Democratic Party. He believes that a Republican victory is good for the crypto industry, but the Democratic Party has different attitudes towards cryptocurrencies. The current prediction market shows that Trump has a 53% chance of winning.
On the economic front, Hougan suggested that two interest rate cuts totaling 50 basis points are needed before the end of the year, as well as additional fiscal stimulus in China. He stressed that people's trust in Bitcoin stems from distrust in the government's monetary management. In addition, the crypto industry needs to remain stable and avoid major hacks, lawsuits, or a sudden influx of large amounts of locked coins into the market.
Hougan said that for $100,000 to be reached in the short term, a broader cryptocurrency market rebound would be needed to boost sentiment.
