TechFlow news, October 9 — According to The Block, Bitwise Chief Investment Officer Matt Hougan said that for Bitcoin to break through $80,000 in the fourth quarter, three conditions must be met: the outcome of the U.S. election, economic conditions, and no major surprises in the crypto industry.
Hougan pointed out that an ideal election outcome would avoid a full Democratic sweep. He believes a Republican victory would be favorable for the crypto industry, although Democrats hold diverse views on cryptocurrencies. Current prediction markets show a 53% chance of Trump winning.
On the economic front, Hougan suggests two rate cuts totaling 50 basis points by year-end, along with additional fiscal stimulus from China. He emphasized that people's trust in Bitcoin stems from their distrust in government monetary management. Additionally, the crypto industry needs to remain stable, avoiding major hacks, lawsuits, or large volumes of locked coins suddenly flooding the market.
Hougan added that for Bitcoin to reach $100,000 in the short term, a broader recovery across the cryptocurrency market would also be needed to boost overall market sentiment.
