Thomas Daniels
Bitcoin’s potential to surpass $100,000 is becoming increasingly plausible, according to Bitwise CIO Matt Hougan, who outlined the cryptocurrency’s growing bullish case in a recent post on X.
As the only trillion-dollar asset in the cryptocurrency market, Bitcoin is poised to hit six figures per coin, driven by a combination of institutional inflows, macroeconomic conditions, and significant on-chain activity, Hougan explained.
Eric Balchunas, a prominent expert in exchange-traded funds (ETFs), highlighted the unprecedented growth of U.S. spot Bitcoin ETFs, which have now surpassed $20 billion in total net flows. The American Bitcoin ETF market has attracted over $65 billion in assets under management, including $1.5 billion in inflows just this week. Balchunas noted that ETFs tied to legacy assets like gold took years to achieve these levels, while Bitcoin products have done so within a year, reflecting robust demand from both retail and institutional investors.
Hougan, along with market analysts from QCP Capital, also cited the upcoming U.S. presidential elections as a potential driver for Bitcoin’s price surge. On-chain betting platforms such as Kalshi and Polymarket show strong support for pro-Bitcoin candidates, including Donald Trump, further fueling bullish sentiment.
Beyond political developments, the accumulation of Bitcoin by large holders, or “whales,” offers another positive signal. Data from CryptoQuant indicates that whale wallets now control 9.3% of Bitcoin’s total supply. Additionally, CryptoQuant founder Ki Young Ju revealed that Bitcoin’s open interest has reached an all-time high of $20 billion, underscoring renewed confidence in the asset.
Looking ahead, analysts point to favorable conditions for Bitcoin, including seasonal data, fresh stock market highs, and potential global rate cuts from central banks like the Federal Reserve. Historically, Bitcoin has performed well in the fourth quarter, and experts believe a low-funding rate environment could further enhance its upward trajectory.
