Bitwise CIO: Retail investor selling pressure is nearing "exhaustion," and the bottom for Bitcoin may be close

Bitwise Chief Investment Officer Matt Hougan stated that despite Bitcoin falling below $100,000 and hitting a new low since June, raising concerns about a "crypto winter," he believes the current market is closer to the bottom rather than the beginning of a new long-term bear market.

Matt Hougan mentioned that retail investors are currently in a state of "extreme despair," with frequent leverage liquidations and market sentiment hitting new lows; however, institutional investors and financial advisors remain bullish, continuously positioning in Bitcoin and other crypto assets through ETF channels. He pointed out that institutions are becoming the main driving force in the market.

Matt Hougan indicated that the selling pressure from retail crypto investors is nearing "exhaustion," and he believes that the bottom for Bitcoin prices is about to appear, and it will happen sooner than expected. He believes that Bitcoin still has a chance to reach new highs this year, with prices potentially rising to the range of $125,000 to $130,000, and if the trend is favorable, it may even reach $150,000. Hougan believes that as institutional buying continues to grow, the next phase of the crypto market will be driven by more rational capital.