Summary
- Bitwise’s CIO reaffirmed that the projection of Bitcoin reaching $200,000 by year-end remains valid.
- The inflow into spot Bitcoin ETFs, the rise in reserve companies, the establishment of a strategic Bitcoin reserve in the United States, and the acceleration of crypto asset legislation are cited as positive factors.
- He noted that Ethereum and Solana have declined since the beginning of the year, and confidence in reaching new all-time highs has weakened.
Bitwise’s Chief Investment Officer (CIO) stated that the projection of Bitcoin (BTC) reaching $200,000 by year-end remains valid.
According to The Block on July 1 (local time), Matt Hougan, the CIO of Bitwise, noted in a client memo: “Bitcoin has previously set new all-time highs due to the inflow into spot Exchange Traded Funds (ETF), the rise in reserve companies, and discussions around establishing a strategic Bitcoin reserve in the United States.” He added, “Given the acceleration of crypto asset legislation and the expansion of stablecoin adoption, the $200,000 price target for Bitcoin is still valid.”
However, he expressed uncertainty about Ethereum (ETH) and Solana (SOL) reaching new all-time highs. Hougan said, “Ethereum and Solana have declined since the start of the year, and macroeconomic risks are limiting their upside potential,” further stating, “Confidence in reaching new all-time highs has weakened.” Still, he added, “I hope the approval of spot ETFs and the emergence of Ethereum and Solana reserve companies will drive prices higher.”
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
