Bitwise Chief Investment Officer Matt Hougan has indicated that the cryptocurrency market is nearing the end of a bear market phase, setting the stage for more robust development by 2026. According to ChainCatcher, Hougan shared in an interview that while cryptocurrencies have been in a bear market for much of 2025, with many altcoins dropping over 60%, Bitcoin has managed to avoid larger losses due to continued buying by corporations and ETFs.
Hougan described the current situation as a 'narrowing bottom,' characterized by weak ETF fund flows and low retail participation. He anticipates that Bitcoin will trade sideways between $75,000 and $100,000 in the first half of this year. Hougan reiterated his belief that Bitcoin's price could reach approximately $6.5 million per coin over the next 20 years. He emphasized that this projection is based not on accelerated adoption but on the continued growth of global debt, currency issuance, and currency devaluation.
Hougan views Bitcoin as an upgraded version of gold, noting that central banks are only beginning to understand its role. He stated, "As long as the future does not differ significantly from the past 15 years, we can achieve our goals. It's just a matter of time."