Bitwise CIO Predicts Bitcoin to Hit $100,000 in H2 2023

Bitwise CIO Predicts Bitcoin to Hit $100,000 in H2 2023

Matt Hougan, Chief Investment Officer (CIO) of Bitwise, has predicted that Bitcoin will rise to $100,000 in the second half of 2023. Hougan's prediction is based on several factors, including inflows into spot ETFs, the upcoming Bitcoin halving, anticipation of an Ethereum (ETH) spot ETF, changes in the US political stance, and a Fed rate cut. "The BTC spot ETF has recorded over $15 billion in net inflows since its launch, making it the most successful ETF ever," said Hougan. "This shows that there is a lot of institutional interest in Bitcoin, and this should continue to drive up the price." The Bitcoin halving, which is expected to occur in May 2024, will also have a positive impact on the price, just like in previous cycles. "The halving will reduce the supply of new Bitcoins by 50%, and this will put upward pressure on the price," said Hougan. The Republican Party's support for pro-crypto policies is also a positive sign for the crypto market. "The Republican Party is generally more supportive of cryptocurrencies than the Democratic Party, and this could lead to more favorable legislation for crypto," said Hougan. Finally, Hougan believes that a Fed rate cut could also boost the price of Bitcoin. "A rate cut would make it cheaper for investors to borrow money to buy Bitcoin, and this could increase demand for the cryptocurrency," said Hougan.