U.Today – Matt Hougan, the CIO of Bitwise Investments, remains very bullish on (BTC) despite the recent drops in the value of the leading cryptocurrency. Hougan predicted a long-term recovery for BTC while sharing his opinion on the current bearish trend of the market in a post on X.
Hougan expresses his confidence in Bitcoin
Recently, Bitcoin lost significant value and fell to the $52,000 price range after having hit an all-time high of $73,628. This drop comes after the overall market volatility, which also caused the prices of altcoins such as (ETH) and to plummet.
Commenting on the market volatility, Hougan reminded his followers on X that the current state of the market resembles a scenario similar to that of March 12, 2020. According to him, this was the last recorded date when the global market went into panic during the COVID-19 epidemic.
At that time, the price of BTC fell from $7,911 to $4,971, demonstrating a 37% drop in 24 hours. However, Bitcoin quickly recovered and even reached $57,332 a year later, demonstrating resilience in the face of adversity.
Bitwise CIO believes Bitcoin may repeat the same recovery pattern and blames the current sell-off on panic among traders and investors. “People hit the sell button on liquid assets during widespread panics. But in my view, today’s events play a role in the long-term story of Bitcoin,” Hougan concluded.
Meanwhile, this isn’t the first time Hougan has predicted a bullish outcome for the leading digital asset. Last week, the Bitwise CIO said that Bitcoin could be headed for higher prices due to its value as a store of wealth.
Other proponents of Bitcoin's bullish outcome
Samson Mow, the CEO of JAN3, added to the positive sentiment on Bitcoin, predicting a price of $1 million within the next year. He based his prediction on expectations that American conglomerates such as Apple (NASDAQ:) and Berkshire Hathaway (NYSE:) will move cash into Bitcoin.
Another person who is bold enough to speak out about Bitcoin’s future trajectory is MicroStrategy co-founder Michael Saylor. “Believe in Bitcoin,” Saylor said in a recent message to the cryptocurrency community.
This article was originally published on U.Today
