Bitwise CIO: Bitcoin Should Be $200K Already By now, But!

Bitcoin has been struggling to break past the $112,000 mark, leaving many investors frustrated. But according to Matt Hougan, Bitwise Chief Investment Officer, the story isn’t about Bitcoin’s weakness, it’s about powerful forces holding it back. 

In a recent interview with CoinDesk, he boldly said, “Bitcoin should be at $200,000 by now. Once suppression is removed, it’s a coiled spring.”

Suppressed Despite Positive News

Speaking with CoinDesk, Bitwise CIO Matt Hougan said Bitcoin’s real value has been held back by short-term economic worries, even while a wave of positive news has been building in the background.

He pointed to several major milestones: the creation of a strategic Bitcoin reserve, the SEC pulling back from high-profile lawsuits, progress on stablecoin rules, and even the White House’s Crypto Summit. According to Hougan, these are “game-changing” developments that should have already lifted Bitcoin to $150,000 or even $200,000.”

“Instead of recognizing these breakthroughs, markets have ignored them,” he explained. “This suppression has kept Bitcoin’s price far below where it should naturally be.

Despite the current suppression, he says Bitcoin’s fundamentals are stronger than ever. If economic uncertainty eases, he expects a swift breakout to new highs, and by year’s end, he sees Bitcoin charging toward the $200,000 mark.

What makes him so confident?

His confidence comes from demand outpacing supply. He points to three key drivers: strong ETF inflows, more companies like MicroStrategy buying Bitcoin, and growing interest from countries. 

Hougan expects the number of firms adding Bitcoin to triple this year, saying nothing is holding it back except short-term hesitation.

What Next For Bitcoin

For investors, the message is clear: Bitcoin may seem stuck now, but pressure is building. At the moment, Bitcoin trades near $110,768, slightly down, as seen in the last 24 hours. 

However, technical charts point to a possible rise toward $113,500 in the short term and $120,000 in the medium term, with resistance at $117,544 and strong support at $107,255.

If this pressure is released, the Bitwise CIO believes Bitcoin could break out like a spring snapping upward. And in his view, the rally doesn’t stop at $112K, it could push much closer to $200,000 by the end of the year.