Invest: "Profi-investors will drive the next Bitcoin rally" - expert sees crypto bottoming out
Matt Hougan, chief investment officer of asset manager Bitwise, explains why the next crypto rally will look different from previous ones and who will be among the winners.
Recent months have seen crypto investors endure numerous setbacks; however, there is new cause for optimism that "the ground is being reached," asserts Matt Hougan, chief investment officer of crypto asset manager Bitwise in the Trade Magazine Invest podcast. Hougan points out that Bitcoin, the largest and oldest digital currency, has largely moved sideways in recent weeks, despite a series of unfavorable news.
For instance, crypto investor Michael Saylor sold a large amount of Bitcoin at the beginning of the week, which had previously unsettled investors. This time, though, the Bitcoin price did not follow suit but instead slightly increased. Additionally, the postponement of a new cryptocurrency law, which is typically a major driver, has left investors cold.
"When markets stop reacting to bad news, it's a reliable signal for ground formation," says Hougan. Listen to the latest episode with your Trade Magazine Invest subscription.
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