The post Bitcoin’s Epic Climb: Top Strategist Sets Timeline for New All-Time Highs appeared first on Coinpedia Fintech News

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, has expressed a strong belief in Bitcoin’s potential to reach new all-time highs. In a recent Fox Business interview, Hougan predicted that the leading cryptocurrency would not only break through the $30,000 barrier in the near future, but also achieve new all-time highs by next year.

A Rocky Road to Recovery

The crypto markets faced a challenging period last year, with several scandals and rapid growth causing instability. Despite these obstacles, cryptocurrencies have shown resilience and are now on track to recover from the fallout. Hougan notes that the crypto market has cleaned up and reset, with Bitcoin’s impressive 77% year-to-date increase cementing its position as the world’s best-performing asset class.

In light of this progress, Hougan is optimistic about Bitcoin’s future trajectory. As per his assessment, the $30,000 threshold is well within our grasp, albeit not in the immediate future. 

While he remains optimistic about the prospects, he cautioned against expecting record-breaking heights this year. Nevertheless, he expressed a strong belief that we will indeed scale these heights by the next fiscal year.

Navigating Uncertain Waters

While Bitcoin’s short-term price action remains unpredictable, traders and analysts are paying close attention to longer-term trends. Rekt Capital, a popular trader, and analyst, has pointed to the possibility of historical bullish patterns confirming the end of the bearish trend seen last year. In a tweet on April 27, they highlighted Bitcoin’s break from its downtrend and emphasized the need to continue the new uptrend.

Regulatory Hurdles for the Crypto Industry

One of the main challenges faced by the cryptocurrency industry is the need for clear and comprehensive regulation. Hougan criticized SEC Chair Gary Gensler for attempting to apply rules created in the 1930s to modern technological innovations. He remarked: 

“This is the only industry in America that’s begging for more regulation. We’re asking for more rules, more clarity, so that the benefits can apply to the American people. And Gensler and the SEC are trying to apply these rules that were written in the 1930s to a technology in the 21st century. It doesn’t work.”

As Bitcoin currently trades around $29,300, traders and analysts are keeping a close eye on its performance, hoping that the market leader will soon surpass the $30,000 mark and go on to reach new all-time highs.

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Filed under: Bitcoin - @ April 29, 2023 12:06 pm