Bitcoin Could Reach $250k in Next Bull Run, Bitwise Predicts
Bitcoin's market bottom is forming, according to Bitwise Chief Investment Officer Matt Hougan. Speaking on The Wolf of All Streets podcast, Hougan described the current market as a 'Great Reset.'
The current state of crypto markets is characterized by a collapse in leverage, declining funding rates, normalization in ETF flows, and Bitcoin's resilience despite negative headlines. Hougan pointed to these indicators as supporting his view that the market is bottoming.
'The most telling signal is when markets stop reacting to bad news,' Hougan said, noting that Bitcoin remained stable after Strategy Inc. sold Bitcoin and as odds of the CLARITY Act passing declined.
Hougan expects the next bull market to be driven by institutional capital entering digital assets through wealth management platforms rather than retail speculation. He highlighted projects such as Hyperliquid, Uniswap (CRYPTO: UNI), Morpho, Aerodrome, and Lighter, saying DeFi protocols with improving tokenomics and growing revenue could outperform as tokenization adoption expands.
Looking beyond the current cycle, Hougan projected Bitcoin could reach $250,000 to $400,000 during the next bull market. He cited growing allocations from financial advisors, family offices, and institutional investors as key factors. Hougan also stated that BTC remains on a long-term path toward $1 million.
Hougan gave a slight edge to Solana (CRYPTO: SOL) over Ethereum (CRYPTO: ETH) in terms of which blockchain stands to benefit more from the tokenization trend, though Ethereum continues to dominate institutional adoption.