Crypto’s Next Bull Market Will Be Biggest Ever, Strategist Predicts $1,300,000,000 – But There’s a Catch
Chief investment officer of crypto fund Bitwise Investments, Matt Hougan, expresses bullish market sentiment.
Hougan says in an investor letter that the crypto market is “well positioned to stage a recovery” and chart the course for a record high bull cycle.
“Ultimately, however, we believe the crypto will recover. Historically, the crypto has bounced back after every major pullback. We don’t think this one will be any different.
In fact, we believe the next crypto bull market will be the biggest yet – with new all-time highs and a flurry of new apps impacting mainstream adoption.
According to Hougan, some of the reasons for optimism include the growth and innovation seen in the crypto industry.
“Blockchain technology improvements like the Ethereum merger, scaling advances like the rise of Layer 2 solutions, and a simmering stew of new emerging applications have us optimistic.”
The Bitwise CIO, however, says that the crypto market will have a U-shaped recovery or a long-winded recovery rather than a quick or V-shaped rebound.
“We suspect that the market will slide for a while before entering its next bullish phase. There is even a significant risk of another leg down, catalyzed by another failure of the crypto company, a symbolic outburst or regulatory action.
According to Hougan, the recovery will not be a walk in the park.
“Recovery won’t be easy, though. The fraudulent implosion of FTX and the broader crypto credit crisis cast a long, dark shadow over the space. Regulators are circling, banking relationships are frayed and investors are skeptical.
Additionally, new risks — like the planned release of 127,000 bitcoins from the Mt. Gox settlement later this year, and distress in the bitcoin mining space — loom on the horizon.
A month-old report put Bitwise assets under management at $1.3 billion.
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