Bitcoin Breaks $85k: Crypto Winter May Be Over

Bitcoin's price has broken above $85,000, reaching a new high since late January, and industry experts are taking notice. According to Bitwise Chief Investment Officer Matt Hougan, this could be the start of a new bull market for cryptocurrencies.

Hougan believes that the crypto winter is over and the industry is entering a growth cycle. He points out that transaction activity on blockchains continues to increase, while major financial institutions like BlackRock are expanding their footprint in digital assets.

This comes despite the U.S. Senate failing to advance the CLARITY Act last week. Hougan notes that even if the bill makes no progress, the current regulatory environment is still favorable for the industry.

Hougan anticipates that this rally could become one of the longest and strongest bull markets in cryptocurrency history, with Bitcoin potentially approaching its previous all-time highs of over $126,000 before the end of the year.