Bitwise’s Chief Investment Officer Matt Hougan has stated that the flagship cryptocurrency Bitcoin is in a good position to surpass the $100,000 mark adding more credence to the bullish Bitcoin thesis gathering steam in the crypto community recently.
Matt Hougan in his assertion stated that Bitcoin the only crypto asset with a trillion dollar networth is well on its way to crossing the $100,000 per coin mark due to a series of Macroeconomic, institutional, and On-chain factors.
The Bitwise CIO shared his thoughts on the above prediction on X listing the various factors that are pivotal to Bitcoin rallying to $100,000 per coin
“ We’re heading to six-figure bitcoin. * ETF flows reaccelerating * Election approaching * Infinite deficits (bipartisan agreement!) * Economic stimulus in China * Global rate cuts (Fed, ECB) * Halving supply shock starting to bite * Whales accumulating” Matt Hougan tweeted
Matt Hougan’s analysis tallies with that of QCP capital and other analysts especially in the areas of the effect of the upcoming Presidential elections in the US on bitcoin.
Hougan believes that Donald Trump a Pro Bitcoin Candidate leading on all betting platforms is a bullish move for the crypto market and another reason to believe that Bitcoin will surpass the $100,000 mark.
Other Bullish factors raised by Hougan include recent Whale Activity with Bitcoin whales increasing their stash of Bitcoin assets an indicator of their confidence in the long term growth of Bitcoin.
Eric Balcunas, Bloomberg’s Senior ETF Analyst added his two cents to Matt Hougans prediction by giving insights on how well Bitcoin ETF’s were doing in the United States.
Eric revealed that US Spot Bitcoin ETFs have surpassed $20 billion in net flows and the entire American Bitcoin ETF complex has garnered over $1.5 billion in Assets under management following $1.5 billion in inflows this week.
Eric drew up a comparism of Bitcoin’s ETF performance to that of Gold reminding his followers that it took Gold ETFs several years to hit these numbers.
“ Bitcoin ETFs have crossed $20b in total net flows (the most important number, and most difficult metric to grow in the ETF world) for the first time after a huge week of $1.5b. For context, it took gold ETFs about 5 years to reach the same number. Total assets are now $65b, also a high water mark.” Eric Tweeted.
CryptoQuant founder Ki Young Ju added to the conversation by sharing data on Bitcoin’s Open Interest.
He said that Bitcoin’s open interest hit an all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total supply.
Bitcoin at the moment is exchanging hands for $68,978 meaning the crypto asset is left with $31,022 price difference to hit the $100,000 mark.