In a recent memo shared with clients, Bitwise CIO Matt Hougan emphasized several factors that could cause Bitcoin (BTC) to “melt-up” to $80,000 in the last quarter of 2024. Factors To Propel Bitcoin To $80,000 Hougan highlighted three essential conditions that could push BTC to new all-time highs (ATH) in 2024. First, he pointed to November’s upcoming U.S. presidential elections, which could influence BTC’s future price trajectory. According to Hougan, anything other than a Democratic sweep would benefit the top cryptocurrency by market cap. Related Reading: Crypto Analyst: Bull Market Hinges On This Indicator Reaching 45% In the memo, Hougan explained that while many view the election as a binary choice – with Republican candidate Donald Trump favorable for the crypto industry and Democratic candidate Kamala Harris seen as detrimental – the reality on the Democratic side is more nuanced. He said: The Democratic Party has disparate views on crypto, from Senator Elizabeth Warren’s (D-Mass.) “Anti-Crypto Army” to Representative Ritchie Torres’ (D-N.Y.) deep support. The problem of the past four years is that the Warren wing has controlled policy an ..
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