Bitwise's Chief Investment Officer Matt Hougan says crypto may be approaching the kind of contrarian setup that historically emerges when investors lose patience but warned that near-term momentum still looks weak.
"We’ll Be Much Higher In A Year" Speaking on June 21 on the Milk Road Show, Hougan said Bitcoin (CRYPTO: BTC) could still see further downside to around $30,000 if the four-year cycle plays out.
Still, Hougan does not see this as the most likely outcome.
"It feels like somewhere around $50,000 is where many of the people who have been calling for this bear market think it ends," Hougan said.
"I suspect we’ll be much higher in a year, but I don’t know where the bottom is." Hougan said his preferred short-term market indicator like the 10/20-day or 5/20-day signals remain bearish.
