Bitwise's CIO Matt Hougan predicts Bitcoin could reach new highs if three conditions are met: no repeat of a large flash crash, passage of the Clarity Act providing regulatory clarity, and steady performance in the broader stock market. The October 10 flash crash's impact has passed, but regulatory uncertainty and stock market dependence still pose risks. Additionally, large Bitcoin holders may exert selling pressure around the $100,000 level, potentially limiting gains throughout 2026.