Bitwise CIO: ‘Not Sure About Bitcoin Touching 100K USD In 2021’

Subsequent to a noteworthy flash crash in the digital asset market, BTC is not likely to cross past its latest ATHs in the next 3 weeks and go all the way up to 100,000 USD, as per Bitwise chief investment officer Matt Hougan.

In a recent interview, Hougan mentioned,

“$100,000 by the end of the year is a difficult prediction to make […] I think $100,000 could be in target in 2022 but this year, I’m not so sure.”

He further mentioned that a likely virtual asset rally next year will be largely thanks to growing institutional support. Adding that numerous institutions are still moving into the market for the very first time, he said,

“I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise.”

The CIO also forecasted that next year will witness an “explosion of activity built on Ethereum” and layer-one solutions, or those planning to ameliorate the base protocol itself to scale the overall system rather than fabricating an altogether different protocol.

Hougan forecasted,

“Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as DeFi, NFTs, Web3, or metaverse.”

At press time, BTC is trading at 51,290 USD, notably recovering after declining under 47,000 USD on Saturday, as per data from CoinGecko. Subsequent to beginning this year at around 30k USD, BTC touched its all-time high of 69k USD in mid-November.