Bitwise CIO Expects Crypto Buying Opportunity but Cannot Predict Timing

Bitwise Chief Investment Officer Matt Hougan said crypto markets are still absorbing long-term pressures and may need a period of relief; he expects a major buying opportunity but cannot predict its timing.

Hougan compared current conditions with mid-2018, when many market participants became tired and left. He included elections, Binance and tighter monetary policy among the longer-term factors the market is processing. His earlier assessment of crypto’s cycle low also included a warning that the market could face several weeks of uncertainty.

Hougan pointed to decentralized finance (DeFi) as the innovation that helped drive a breakthrough after the 2018 downturn. He speculated that innovation could play a similar role again, while saying such shifts are difficult to anticipate. If a breakthrough were easy to foresee, he said, it would prompt business plans involving billions of dollars.