Overview
- Matt Hougan projects bitcoin will trade roughly between $75,000 and $100,000 through the first half of 2026, citing options positioning that suggests heavy supply near $100,000.
- He describes the market as in the late stages of a bear-market bottom after a rough 2025 for altcoins.
- Hougan says bitcoin’s resilience last year stemmed from steady corporate accumulation and spot ETF demand.
- Bitwise has held discussions with central banks in multiple regions, with Hougan seeing potential ownership on a 10 to 20 year timeline.
- He points to declining bitcoin volatility—now lower than Nvidia by his comparison—and a gold rally that signals fiat concerns, while saying regulatory clarity could hasten the next uptrend.