Bitwise Chief Investment Officer Matt Hougan told CoinDesk’s Markets Outlook that cryptocurrencies have entered the late stages of a bear-market bottom, laying the groundwork for a constructive trajectory toward strong growth in 2026. He said the softness of recent months does not alter his long-term bullish thesis. The 2025 crypto market was largely bearish, with many altcoins down more than 60 percent, according to Hougan. Bitcoin’s relative resilience has been aided by ongoing buying from corporations and ETFs, while the market has been characterized by a rounding bottom with weak ETF inflows and tepid retail participation.
He expects Bitcoin to trade roughly between $75,000 and $100,000 in the first half of 2026, and he noted that option-market positioning suggests a large amount of Bitcoin remains poised to be sold near the $100,000 level. Regulatory clarity could accelerate a breakout later in the year, while gold’s rally underscores Bitcoin’s long-term investment case. Central banks are watching slowly, with growing interest but years to adoption; Bitwise noted that central banks have met with them in several regions and are not questioning Bitcoin’s security or risks so much as how it could be implemented.
Hougan said central banks are likely to hold Bitcoin eventually, potentially in larger quantities than gold, but timing may be a decade or two away. He reiterated his view that over the next 20 years Bitcoin could reach around $6 million per coin due to persistent debt expansion, money printing, and currency value erosion, arguing that Bitcoin is a superior version of gold that central banks are only beginning to understand. While regulatory clarity in Washington could accelerate the next bull run, he argued it is not essential to the crypto’s long-term trajectory; ETFs, stablecoins, and tokenization will continue to expand, with fundamentals in a strong position for 2026.
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