Matt Hougan claims that Bitcoin could reach $80,000 by the last quarter of 2024, but this depends on three main factors. The US election results, economic conditions, and the absence of major surprises in the crypto world are important factors in reaching this level. Bitcoin's price volatility could even reach $100,000 depending on these factors.
What Impact Will the Election Results Have on Bitcoin?
The US election results appear to play a big role in the fate of Bitcoin. According to Matt Hougan, these results are one of the most important factors that will determine the future price movements of Bitcoin. Bitwise predicts that by the end of 2023, the price of Bitcoin will double before the end of the year.
This expectation is based on the approval of Bitcoin spot ETFs in the United States and Bitcoin's fourth halving event. But the political climate could change everything. In particular, the Democratic Party's more neutral approach to cryptocurrencies is seen as a factor that could support the price increase.
It is said that if Donald Trump wins the presidential election, Bitcoin's chances of reaching $80,000 may increase. Predictions on the Polymarket platform show that Trump has a 53% chance of winning.
This is a very remarkable ratio. Republicans have a 73% chance of winning the Senate, while Democrats have a 62% chance of maintaining control of the House. In other words, the political balance in the United States could seriously change the course of the cryptocurrency market.
Economic Conditions That Could Trigger a Crypto Rally
Another important factor shaping Bitcoin's future is economic conditions. Hougan believes that the US Federal Reserve will cut interest rates twice by the end of the year and additional financial incentives from China will stimulate the cryptocurrency market.
If this scenario plays out, the ground will be set for Bitcoin to rise. But not everything is that simple. It is safe to say that there will be no obstacles to this price increase, especially unless there is a major hack or a sudden shock to the market.
Altcoins Don't Seem to Have Any Impact on Bitcoin
Hougan claims that altcoins are not necessary for Bitcoin's success. However, he does not rule out the impact of a broader crypto bull market. Ethereum, Solana. Projects like these could help Bitcoin reach $100,000. Of course, at this point, what matters is how efficient the next generation of Blockchain is. Bitcoin is still expected to be much higher by 2025.
Bitcoin is set to increase in value by 47.5% by 2024 and the Bitcoin ETF is considered one of the most successful launches in history paints a positive picture for Bitcoin’s future. But whatever the case, anything is possible in this crypto world. It is also possible to see $80,000 one day and $40,000 the next. That is why predictions about the future of Bitcoin always seem a bit vague.
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