Matt Hougan believes Bitcoin could be poised for a catch-up rally if the Federal Reserve keeps rates unchanged and inflation concerns ease. Hougan argues that Bitcoin has lagged stocks largely because markets are pricing in tighter monetary policy.

With ETF outflows persisting and selling "nearly exhausted," analysts say Bitcoin is range-bound and waiting for a catalyst.

Bitcoin holds near $64,000 as six weeks of ETF outflows, and a hawkish Fed overshadow the U.S.-Iran peace deal.