Bitcoin (BTC) Set to Hit Six-Figure Price Value, Asserts Bitwise's Matt Hougan

Bitwise’s Chief Investment Officer Matt Hougan has asserted that Bitcoin, the flagship cryptocurrency is set to hit a six-figure price value

Bitcoin price has been on a tear lately, rallying past the $68,000 level. As the flagship cryptocurrency continues its ascent, many are wondering how high it can go before the rally runs out of steam.

One person who is bullish on Bitcoin is Matt Hougan, Chief Investment Officer of Bitwise. In a recent tweet, Hougan listed several factors that are contributing to Bitcoin’s rally to $100,000.

Among the key drivers are accelerating ETF flows, the upcoming US election, and continuous quantitative easing in China. Hougan also highlighted the Bitcoin halving supply shock, which is starting to have a significant impact on the market.

Hougan’s assertion aligns with the bullish outlook shared by QCP Capital and other analysts, who believe that the US elections will be pivotal in driving up Bitcoin's price.

With Donald Trump, a pro-Bitcoin candidate, leading in the betting markets, the crypto industry stands to benefit greatly from a favorable outcome in the polls.

Hougan’s analysis further includes the role of Bitcoin whales, who are doubling down on their investments in the asset. This activity serves as a strong indicator of their confidence in Bitcoin's long-term growth potential.

Meanwhile, Bloomberg Senior ETF Analyst and ETF expert Eric Balchunas revealed the remarkable performance of Bitcoin ETFs in the United States.

According to Balchunas, US Spot Bitcoin ETFs have now seen net flows of over $20 billion, while the total American Bitcoin ETF complex has seen inflows of $1.5 billion this week, bringing total assets under management to over $65 billion.

Balchunas highlighted the speed at which Bitcoin ETFs are attracting capital, contrasting it with the several years it took for gold ETFs to reach the same level of inflows.

Together with James Seyffart, Balchunas is regarded as one of the most authoritative voices in the market when it comes to Exchange Traded Funds of various assets.

As of press time, Bitcoin is trading at $68,217, leaving it to rally another $31,785 to hit the $100,000 mark. Notably, CryptoQuant founder Ki Young Ju recently reported that Bitcoin open interest hit a new all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total supply.

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