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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive – Key Reasons Why

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin price

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In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere. 

However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market meltdown. He explained why he believes traders’ fears may be misplaced and that the market dip holds key opportunities for potential Bitcoin price appreciation.

Crypto Crash Or Opportunity? 

In a recent note to investors, Hougan pointed to the broader market chaos, including a 12% single-day crash in Japan’s Nikkei index and a 4% tumble in Nasdaq futures, sparking the crypto selloff. He drew parallels to the market turmoil seen at the onset of the COVID-19 pandemic in March 2020, when Bitcoin crashed 37% in a single day.

“It felt as if we might never recover. The media claimed Bitcoin had failed its test as a hedge asset,” Hougan recalled. However, he noted that in the year following that crash, Bitcoin surged over 1,000% to new record highs of $57,322.

Hougan believes a similar dynamic could play out this time, arguing that Bitcoin’s fundamental case remains intact, regardless of short-term price volatility. 

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“Nothing fundamental had changed about Bitcoin because of Covid,” Hougan said. “The maximum number of Bitcoin that could exist (21 million) was the same on March 11 as on March 12. You didn’t need to rely on any bank, government, or company to store wealth in Bitcoin on March 11, which was still true on March 12.”

Moreover, Hougan contends that the factors that propelled Bitcoin’s rise during the pandemic – the expansion of central bank intervention, the limitations of centralized institutions, and the growing digitization of the economy – are still in play today. 

Will Bitcoin Emerge Stronger?

Hougan also acknowledged in his remarks the near-term uncertainty, noting that it remains unclear whether the crypto market has found its bottom yet. He pointed to the potential for further deleveraging and contagion risk among crypto firms as key monitoring factors.

However, the Bitwise CIO urged investors to look past the short-term noise and focus on Bitcoin’s long-term trajectory. He warned against the temptation of market timing, reminding readers that “the four most expensive words in finance are ‘this time it’s different.'”

Historically, Hougan said, crypto has tended to trade lower initially during periods of broader economic panic, only to end up higher over the following 12 months. He expressed confidence that the current market meltdown will be no exception and that Bitcoin will emerge stronger from the turmoil.

“In fact, I’m betting the other way,” Hougan concluded. “Resist the urge to look at intraday prices, and focus instead on where Bitcoin could be next year, in five years, and in ten years.”

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The daily chart shows BTC’s price recovery over the last 24 hours. Source: BTCUSDT on TradingView.com

When writing, the largest cryptocurrency on the market has climbed back to the $56,300 level, surging 4.5% in the last 24 hours. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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