Hougan Sees Bottom in Sight as Bitcoin Brushes Off Bad News

Bitwise Chief Investment Officer Matt Hougan believes Bitcoin may be nearing the bottom of the current crypto winter. In an interview with Bloomberg, Hougan pointed out that recent setbacks for the asset have barely affected its price.

Hougan listed several examples of bad news that didn't move the needle on Bitcoin's price. These include Strategy Executive Chairman Michael Saylor starting to sell his company's Bitcoin reserves and the odds of the Clarity Act passing falling from mid-40s to teens. He also mentioned a $116 million Coldcard hardware wallet exploit, which had little impact on the asset's price.

Hougan thinks this resistance to bad news could signal that the bear market has run its course. However, he stopped short of calling a firm bottom, saying it's worth watching rather than a certainty.