Bitwise Chief Investment Officer Matt Hougan outlined a near-term view for Bitcoin, expecting price movement between $75,000 and $100,000 in the first half of this year. He reiterated his long-term view that Bitcoin could reach about $6.5 million per coin in the next 20 years, driven by macroeconomic factors rather than rapid adoption.
Hougan noted that the cryptocurrency market spent most of 2025 in a bear market, with many altcoins down 60% or more. Bitcoin, however, was able to avoid a steeper decline thanks to continued buying by corporations and ETFs. Hougan described the current environment as a bottoming phase marked by weak ETF liquidity and tepid retail participation. While he cautioned that volatility could remain, the near-term price range suggests consolidation rather than a renewed sell-off.
Regarding the drivers behind Bitcoin’s potential rise, he said the premise is not rapid adoption but persistent growth in global debt, expansion of money supply, and currency depreciation. He views Bitcoin as an upgraded version of gold, with central banks only now starting to understand its role. On the timeline, he cautioned that if the next 20 years resemble the past 15, the target will be achieved in time. He emphasized that the core premise rests on macroeconomic factors such as debt growth, money supply expansion, and currency depreciation.
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