U.As we speak – Matt Hougan, CIO of Bitwise Investments, stays very bullish on (BTC) regardless of the main cryptocurrency's latest drop in worth. Whereas sharing his ideas on the present market downtrend in a submit on X, Hougan predicted a long-term restoration for BTC.

Hogan expresses confidence in Bitcoin

Bitcoin just lately misplaced a number of worth, plummeting to the $52,000 value vary after rising to an all-time excessive of $73,628. This decline follows market-wide volatility that additionally noticed the costs of altcoins corresponding to (ETH) and (ETH) plummet.

Commenting available on the market volatility, Hogan famous to X's followers that the present market scenario is just like an identical scenario on March 12, 2020, which he mentioned was the final recorded day that international markets panicked throughout the COVID-19 outbreak.

On the time, the value of BTC fell from $7,911 to $4,971, a 37% drop in lower than 24 hours. Nevertheless, Bitcoin rapidly recovered and a yr later reached $57,332, demonstrating its resilience within the face of adversity.

Bitwise's chief funding officer believes Bitcoin might repeat an identical restoration sample, attributing the present sell-off to panic amongst merchants and traders. “Throughout widespread panic, folks proceed to hit the promote button on liquidity, however from the place I stand, as we speak's occasions have implications for Bitcoin's long-term outlook,” Hogan concluded.

In the meantime, this isn’t the primary time Hogan has predicted a bullish end result for a serious digital asset: final week, Bitwise's chief funding officer mentioned Bitcoin might rise in value resulting from its worth as a retailer of wealth.

Others declare bullish outcomes for Bitcoin

Samson Mow, CEO of JAN3, additionally joined the optimistic outlook for Bitcoin, predicting that the value will hit $1 million throughout the subsequent yr. He based mostly his prediction on the expectation that American conglomerates corresponding to Apple (NASDAQ:) and Berkshire Hathaway (NYSE:) will transfer their funds into Bitcoin.

One other daring voice on Bitcoin's future trajectory is MicroStrategy co-founder Michael Saylor, who just lately mentioned in a message to the crypto neighborhood, “Imagine in Bitcoin.”

This text was initially printed on U.As we speak