Bitwise CIO Matt Hougan believes crypto is in the late stages of carving out a bear-market bottom after the 2025 downturn, setting the stage for a more constructive environment in 2026.
He expects bitcoin to trade sideways between $75,000 and $100,000 in the first half of the year, as heavy supply remains near the $100,000 level. A clearer breakout is more likely later in the year as macro risks ease and regulatory conditions improve.
Hougan argues gold’s rally highlights growing concerns about fiat currencies, reinforcing bitcoin’s long-term role as a store of value and superior self-custody asset.
Long term, he expects central banks to eventually hold bitcoin, though adoption could take 10–20 years. He also maintains his bold forecast that bitcoin could reach around $6.5 million over the next two decades, driven by persistent global debt growth and currency debasement.
Overall, Bitwise sees strong underlying fundamentals, with ETFs, stablecoins, and tokenization continuing to expand — laying the groundwork for the next major growth cycle.
He expects bitcoin to trade sideways between $75,000 and $100,000 in the first half of the year, as heavy supply remains near the $100,000 level. A clearer breakout is more likely later in the year as macro risks ease and regulatory conditions improve.
Hougan argues gold’s rally highlights growing concerns about fiat currencies, reinforcing bitcoin’s long-term role as a store of value and superior self-custody asset.
Long term, he expects central banks to eventually hold bitcoin, though adoption could take 10–20 years. He also maintains his bold forecast that bitcoin could reach around $6.5 million over the next two decades, driven by persistent global debt growth and currency debasement.
Overall, Bitwise sees strong underlying fundamentals, with ETFs, stablecoins, and tokenization continuing to expand — laying the groundwork for the next major growth cycle.
