In a recent memo, Bitwise CIO Matt Hougan outlined factors that could drive Bitcoin (BTC) to $80,000 in Q4 2024. Key influences include the upcoming U.S. presidential elections in November, which could positively affect BTC's price trajectory if Republicans win.
Hougan highlighted the mixed views within the Democratic Party on crypto, noting that the current environment has been shaped by anti-crypto sentiments from some members. He expressed optimism that a Republican victory would be beneficial for the cryptocurrency market.
Another significant factor is the U.S. Federal Reserve's recent interest rate cut of 50 basis points on September 18, which has already sparked a rally in cryptocurrencies. The market anticipates another rate cut before the year ends, alongside potential economic stimulus from China, which could further boost the crypto market.
Lastly, Hougan indicated that stability with no major negative surprises might support BTC's rise to $80,000. He emphasized the importance of growing pro-crypto sentiment for achieving even higher targets like $100,000.
Currently, Bitcoin trades at $61,999, reflecting a 1.4% decline over the last 24 hours. CleanSpark's CEO, Zach Bradford, has suggested that under favorable conditions, Bitcoin could surge to $200,000 within 18 months.