Bitwise chief investment officer (CIO) conducting a new interview with Yahoo Finance Matt Houganannounced that it believes the crypto markets will rise in the second half of the year.
“It’s always troubling when the market goes down, but I think we’re gearing up for a very strong second half of the year.”
hougan, cryptocurrency believes that the decline in prices is due to some problems.
“Current declines are driven by three things to resolve. One is the broad market shift towards a risk-free market, forcing all kinds of risk assets, including crypto. I think we’re going through a big part of adjusting to this new reality.
second piece, Joe Biden‘s crypto-related executive order coming out this week. I think this will be a relief once you get past that. And then we’re going to see some tax-related sales.
I think the hurdles ahead are short-term hurdles, but looking at the underlying trends, I remain extremely optimistic about where we will be at the end of this year.”
According to previous reports, the Biden administration is preparing to issue an executive order directing US government agencies to look into digital assets and develop a strategy to regulate them.
Hougan thinks Bitcoin (BTC) could hit all-time highs following positive developments both for BTC and for the wider cryptocurrency space.
“I wouldn’t be at all surprised to see Bitcoin surpass its previous high as long as it overcomes the challenges ahead and breaks on a positive streak. Examples of what this would mean would be approving a Bitcoin ETF. If we see reasonable regulatory results from Washington DC and we can see broader sustained positive trends in terms of institutional adoption of crypto.
If we see these kinds of things, I definitely think that all-time highs will happen by the end of the year.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.