Bitcoin Heading to $80,000: Keys to the Final Rally of 2024.
Bitcoin could hit $80,000 if the Fed makes two rate cuts.
The absence of negative surprises in the crypto market is key to new all-time highs.
An election result without Democratic dominance could boost Bitcoin's rally in the fourth quarter.
Matt Hougan, Bitwiseâs Chief Investment Officer (CIO), has highlighted three essential conditions that, if met, could lead to Bitcoin (BTC) breaking through the $80,000 level before the end of 2024. In a recent note to investors, Hougan referred to a prediction Bitwise made in late 2023, which estimated that the price of Bitcoin would reach that value in 2024.
Election Outcome Without Full Control by the Democrats
The first condition Hougan mentions is that the outcome of this yearâs election does not imply full control of Congress and the White House by the Democratic Party. While a Republican victory would be favorable for the cryptocurrency market, Hougan believes that the most important thing is for politicians to stay out of itâ and not actively intervene in the sector. In his opinion, a Democratic victory without total control would allow Bitcoin and the crypto market in general to continue developing without major restrictions, as he believes that Democrats would adopt a more neutral stance towards the industry.
