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Home CRYPTO

Bitcoin Could Hit $80,000 in 2024, But This Needs to Happen First

by Sham
October 9, 2024
in CRYPTO, FEATURED, FINANCE, OPINION
Reading Time: 3 mins read
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  • Bitcoin could hit $80,000 if there is no Democratic sweep in the upcoming US elections, economic conditions remain favorable with rate cuts and fiscal stimulus, and the crypto industry avoids major disruptions
  • A Republican victory or a divided government is expected to create a more neutral regulatory environment for crypto, boosting Bitcoin’s prospects
  • Broader positive sentiment or “animal spirits” in the crypto market, driven by factors like stablecoin growth and innovative blockchain projects, could further fuel Bitcoin’s rally beyond $80,000

Bitwise’s Chief Investment Officer Matt Hougan believes Bitcoin could still reach new all-time highs of $80,000 this year but only under specific conditions. In an Oct 9 note to investors, Hougan outlined the key factors that could influence Bitcoin’s upward trajectory, including the outcome of the US election, economic conditions, and the absence of major disruptions in the crypto space.

JUST IN: Bitwise CIO @Matt_Hougan states Bitcoin $BTC could reach $80,000 in 2024 if Republicans win the election pic.twitter.com/OquBfw9qSu

— BlockNews.com (@blocknewsdotcom) October 9, 2024

US Elections

Hougan suggested that Bitcoin could climb to $80,000 if the upcoming US election results in anything other than a complete Democratic victory. While many view the election as a straightforward choice between pro-crypto Donald Trump and lukewarm Kamala Harris, Hougan explained the situation is more complex.

According to him, the Democratic party is populated by politicians with differing opinions about the emerging industry, ranging from Senator Elizabeth Warren‘s anti-crypto stance to Representative Ritchie Torres’ strong support for the technology.

Hougan argued that the Warren wing’s control over policy and key appointments has created a challenging environment for the crypto sector over the past four years. So if the Democratic party does not win both the White House and Congress, he expects them to take a more neutral stance toward the industry.

Economic Conditions

Hougan identified further economic developments as crucial for Bitcoin’s potential rally. He expects two more rate cuts from the Federal Reserve by the end of the year, totaling 50 basis points, alongside additional fiscal stimulus from China.

Hougan pointed out that the market is eager for more cuts, and he expects the Federal Reserve to deliver the predicted rate cuts. He wrote, “If it gets both, I suspect we will get our Q4 rally. If we don’t, I think the disappointment could weigh on the market.”

Stability in the Crypto Industry

The final factor that could drive Bitcoin past $80,000 this year is stability within the crypto industry.

Hougan emphasized the importance of avoiding major surprises such as significant hacks, new lawsuits, or a flood of previously locked tokens entering the market. He added, “If we can make it through the end of the year without similar shocks, I’d expect new all-time highs and beyond.”

Conclusion

While Bitcoin’s success doesn’t rely on other cryptocurrencies like Ethereum or Solana, Hougan noted that broader positive sentiment in the crypto market could boost Bitcoin’s short-term performance. The Bitwise CIO mentioned the potential for Bitcoin to reach $100,000 in a matter of months, especially if “animal spirits”—a term he uses to describe pro-crypto sentiments—sweep through the market.

Tags: BitcoinDonald TrumpElizabeth WarrenKamala HarrisMatt Hougan
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