Bitwise CIO Declares Bitcoin Bottom Is in and Expects a Major Bounce to Commence 

Bitwise CIO declares Bitcoin bottom is in

He expects a major bounce for the crypto market soon

This suggests a new ATH for BTC and the start of altseason.

The price of Bitcoin (BTC), the pioneer crypto asset, is back to trading in the 6-digit price range and is currently trading in the $103,000 price range. This leads many analysts and traders to believe that Bitcoin has bottomed out and is back to reclaiming higher prices. Most recently, Bitwise CIO declares Bitcoin bottom is in and expects a major bounce in BTC price to commence soon

Bitcoin CIO Declares Bitcoin Bottom Is in

This week began with challenging times for the price of Bitcoin (BTC). The pioneer crypto asset began the month with declining prices, first falling from $110,000 to $107,000, then to $104,000, and finally falling below $100,000 to hit $98,000, marking a 5-digit price for the first time in Q4. In most cases, analysts believed that this was just the start of a larger decline, which would take the price of BTC into a bear market.

The call for a bear market has been growing stronger by the day, with more expectations for lower BTC prices. As of yesterday, expectations for the price of BTC to hit lower prices take it as far as hitting $55,000 and $66,000 in the coming weeks ahead. This was expected to become the start of the bear market, a prediction based on the timeline of the 4-year bull cycle, which many believe is still in play

On the other hand, some experts believe the 4-year crypto bull cycle may be evolving to a yearly cycle like stocks due to heightened institutional adoption. Thus, most refuse to believe that a bear market is beginning and believe this dump phase to have been a correction before one final ATH price pump for BTC, which will likely also trigger altseason, allowing altcoins to hit new ATH prices as well.

Major BTC Bounce to Commence

According to the CIO of Bitwise, Matt Hougan, the bottom for BTC is in, and a massive bounce is on its way. He states that this incoming bounce is due to retail finally being washed out, with institutions still buying, and the bottom being in. Specifically, he says that crypto-native retail is just more depressed than he’s ever seen it. Hence, he thinks that the market is close to a bottom

As we can see from the post above, he says it’s hard to find a crypto-native investor who still has much enthusiasm for the market. But, historically, Bitcoin & crypto sentiment hitting extreme lows has marked major market turning points. He ends his message by reminding the markets that those who are greedy in times of fear and those who see the most gains. The post ends with a calling to hold