Bitwise CIO Matt Hougan Says Crypto Market Bottomed in June, Forecasts Strong Year-End

On a live Unchained interview recorded on Nov. 9, Matt Hougan, chief investment officer of crypto asset manager Bitwise, stated that the cryptocurrency market has already reached the low point for the current cycle, saying, “I think we bottomed in June.” He added that the market is now entering the early stages of a multi‑year bull run, citing resilience to political and macro‑economic headwinds.

June Bottom Confirmed After Earlier Uncertainty

Hougan’s assessment marks a shift from his earlier comments. In June, he told CoinDesk that he “had less certainty around how, when or if it has bottomed,” and a July memo described the market as “nearing the bottom.” By November, he feels confident the trough occurred in June, aligning with Galaxy’s Alex Thorn, who also argued that Bitcoin bottomed in late June.

Short‑Term Outlook Remains Cautious

Despite the bullish longer‑term view, Hougan expressed “a little bit pessimistic for the next few weeks,” pointing to uncertainty over how the newly Democratic‑controlled Congress will approach crypto regulation. He expects a brief period of volatility, noting that Bitcoin fell below $74,000 on the day after the interview, trading around $73,300, roughly 42% below its all‑time high of $126,080 set in Oct. 2025.

Long‑Term Projections and the AI‑Debasement Trade

Hougan reiterated Bitwise’s long‑term forecast that Bitcoin could reach $1.6 million by 2036, based on a projected $30 trillion store‑of‑value market that grows at 13% annually and could expand to $90 trillion in ten years, with Bitcoin’s share rising from 5% to 25%. He also warned that a severe recession paired with a lack of government response could push prices below June lows, though he considers that scenario unlikely. Looking ahead to 2027, Hougan expects the “debasement trade”—the belief that rising sovereign debt will erode fiat currencies and boost scarce assets—to regain full momentum.

What to Watch Next

Investors should monitor legislative developments in the new Congress, especially any crypto‑specific bills that could affect market sentiment. Additionally, upcoming macro‑economic data, such as inflation reports and Federal Reserve policy decisions, will likely influence short‑term price action. Finally, the performance of Bitcoin relative to the $59,000 June low will be a key gauge of whether the market is truly transitioning into the projected multi‑year bull phase.