PANews reported on October 9 that according to The Block, Matt Hougan, chief investment officer of crypto asset management company Bitwise, said that the results of the US election, economic conditions, and the absence of major surprises in the crypto industry are the three main factors affecting whether Bitcoin can "soar" to more than $80,000 this quarter.

By the end of 2023, Bitwise predicts that Bitcoin will double from $42,400 at the time to more than $80,000 by the end of this year, citing the approval of a spot Bitcoin ETF in the United States and Bitcoin's fourth halving event as catalysts. In a memo to clients on Wednesday, while Hougan still sticks with this prediction, when it comes to the U.S. election, he said that unless the Democrats win comprehensively, the situation will be different. He believes that while most people see the election as a binary outcome, with Trump, who supports cryptocurrencies, being good for the industry and Harris, being bad, and a Republican victory "undoubtedly" a good sign, the situation on the Democratic side is more nuanced. Hougan said: "The Democratic Party has a different view on cryptocurrencies, from Senator Elizabeth Warren's opposition to cryptocurrencies to Representative Ritchie Torres' strong support for cryptocurrencies. Bitcoin does not need politicians to thrive. It just needs them to stay out of the way. Unless the Democrats win comprehensively in both houses of Congress and the White House, I doubt they will take a more neutral approach to the Bitcoin industry."

On the economic front, Bitwise's chief investment officer believes that another 50 basis point rate cut by the end of the year and additional fiscal stimulus measures from China are other conditions needed for Bitcoin to rise. Hougan believes: "If both of these conditions are met, I think we will see a rise in the fourth quarter. If not, I think disappointment may drag down the market." Hougan said that the last condition for Bitcoin to trade above $80,000 this year is that there are no major surprises in the encryption industry, that is, "no major hacker attacks. No large-scale new lawsuits. No previously locked tokens suddenly flooded into the market."