Bitcoin Has Not Yet Hit Bottom, Patience Is Needed

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Matt Hougan, CIO of crypto asset manager Bitwise, said that Bitcoin (BTC) has not yet hit its bottom. According to DL News, he stated on a podcast, “The sharp drop on February 5 (when Bitcoin plunged from $72,000 to $60,000) was shocking. However, that was not the bottom. Greater pain may lie ahead. I would not be surprised if we see another major swing. Investors need to be patient and wait.”

He added, “Bitcoin moves in four-year cycles of boom and bust. However, the presence of large-scale investors could signal the end of such extreme crashes. As institutional participation increases, Bitcoin’s typical 80% drawdowns could be reduced to around 50–60%. Institutional investors and retail investors move differently. When one side sells, the other may buy.”

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