$12 billion Bitwise fund manager Matt Hougan says Bitcoin The rally is approaching before the end of the year
Speaking in a recent CNBC market interview, Bitwise’s chief investment officer described the current retail environment as one of “maximum desperation,” citing the recent spate of deleveraging, futures cancellations, and yield protocol failures as evidence.
According to him, the market sentiment is currently at its most depressed level, which indicates not the end of the cycle, but the bottom.
“The cryptocurrency market is moving into an institutionally driven market, and interestingly, it’s a bullish one. I am optimistic that we will reach the end of the year and 2026. in the first quarter. he said.
He added that “The market needs to finish breaking out of the retail leverage driven sentiment and we are close to the bottom before we start to swing.”
Hougan’s prediction closely aligns with the recent comments of Fundstrat Capital CIO Tom Lee, who recently discussed the state of Bitcoin after the October 10.
In a separate interview with CNBC, Lee addressed Bitcoin’s struggle to hold above $103,000, explaining
“Since October 10th, that liquidation has been like a miniature rupture, almost like a tsunami. The market is still consolidating because of that effect.”
Despite the short-term weakness, Lee insisted that the fundamentals remain strong, citing record volumes of stablecoins and rising revenues from Ethereum and Solana programs.
“The main thing right now is the leading price,” he said. “At the end of the day, we’re consolidating and building towards the end of the year, I still think Bitcoin can reach $150,000 to $200,000.”
Professional cryptocurrency trader and Kraken-backed firm co-founder Trader Mayne also weighed in on the current state of the market.
Mayne believes that Bitcoin’s current structure remains aligned with its historical four-year cycle.
“Current price action looks like a four-year cycle, acts like a four-year cycle – chances are it’s one,” he wrote, predicting a cycle top. in 2025 IV quarter or 2026 The beginning of the first quarter.
He also highlighted the relationship between BTC and gold, noting that gold usually leads a 60-90 day Bitcoin breakout and that the relationship appears to have bottomed out.
Source: X/Joao Wedson
“With Bitcoin not yet at its peak, and gold, tech stocks, and even some crypto companies experiencing parabolic rallies, I still believe the Bitcoin explosion phase is ahead. he added.
Mayne also pointed out that bitcoin’s next weekly cycle low is already in place or imminent, which could be before it hits new all-time highs.