Bitcoin heading to 6-figure price, Bitwise CIO says

Bitcoin’s bullish thesis for trading above $100,000 has only solidified in recent weeks, Bitwise CIO Matt Hougan asserted in a new X post.

Bitcoin (BTC), crypto’s sole trillion-dollar asset, will inevitably cross six figures per coin due to a combination of institutional, macroeconomic, and on-chain factors, Hougan explained.

Exchange-traded fund expert Eric Balchunas stated that U.S. spot Bitcoin exchange-traded funds surpassed $20 billion in total net flows. The American Bitcoin ETF complex has garnered over $65 billion in assets under management following $1.5 billion in inflows this week.

ETFs tracking legacy assets like gold took years to achieve these numbers, according to Balchunas. Bitcoin products reached this milestone within a year, signaling strong demand from retail and institutional investors.

Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for first time after huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark. pic.twitter.com/edldEimfqd

— Eric Balchunas (@EricBalchunas) October 17, 2024

Hougan, along with QCP Capital and other experts, pointed to the upcoming U.S. presidential elections as another catalyst for Bitcoin’s price acceleration. Pro-Bitcoin candidate Donald Trump has led several on-chain betting polls on platforms like Kalshi and Polymarket.

There’s also a growing outlook supporting a strong Bitcoin price performance regardless of which party

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Author: Naga Avan-Nomayo

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