{"id":358,"date":"2024-10-10T11:00:22","date_gmt":"2024-10-10T11:00:22","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/bitcoins-path-to-80000-melt-up-in-q4-2024-details-inside\/"},"modified":"2024-10-10T11:00:22","modified_gmt":"2024-10-10T11:00:22","slug":"bitcoins-path-to-80000-melt-up-in-q4-2024-details-inside","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/bitcoins-path-to-80000-melt-up-in-q4-2024-details-inside\/","title":{"rendered":"Bitcoin\u2019s Path To $80,000 \u201cMelt-Up\u201d In Q4 2024 \u2013 Details Inside"},"content":{"rendered":"

In a recent memo<\/a> shared with clients, Bitwise CIO Matt Hougan emphasized several factors that could cause Bitcoin (BTC) to \u201cmelt-up\u201d to $80,000 in the last quarter of 2024.<\/p>\n

Factors To Propel Bitcoin To $80,000<\/h2>\n

Hougan highlighted three essential conditions that could push BTC to new all-time highs (ATH) in 2024. First, he pointed to November’s upcoming U.S. presidential elections, which could influence BTC’s future price trajectory. <\/p>\n

According to Hougan, anything other than a Democratic sweep would benefit the top cryptocurrency by market cap.<\/p>\n

In the memo, Hougan explained that while many view the election as a binary choice – with Republican candidate Donald Trump favorable for the crypto industry and Democratic candidate Kamala Harris seen as detrimental – the reality on the Democratic side is more nuanced. He said:<\/p>\n

\n

The Democratic Party has disparate views on crypto, from Senator Elizabeth Warren\u2019s (D-Mass.) \u201cAnti-Crypto Army\u201d to Representative Ritchie Torres\u2019 (D-N.Y.) deep support. The problem of the past four years is that the Warren wing has controlled policy and agency appointments, and that has created a hostile environment for the sector.<\/p>\n<\/blockquote>\n

Hougan expressed confidence in the Republicans, stating that a win for them would “undoubtedly” be positive for crypto. However, he also referenced a recent comment by Democrat Maxine Waters, who said that “crypto is inevitable,” suggesting that Democrats may become more open to digital assets.<\/p>\n

Second, Hougan brought attention to the US Federal Reserve\u2019s (Fed) interest rate cuts. On September 18, the Fed lowered key interest rates by 50 basis points (bps), sparking a crypto rally. Further, the People\u2019s Bank of China\u2019s (PBoC) decision to inject economic stimulus into the Chinese economy gave more fuel to digital assets to propel.<\/p>\n

Hougan noted that the market expects another 50 bps rate cut from the Fed before year-end, along with additional Chinese fiscal stimulus.\u00a0The crypto market could see a strong\u00a0Q4 2024 rally if both occur.<\/p>\n

Finally, Hougan mentioned that a period with no major surprises would support BTC’s potential rally to $80,000. He concluded that negative surprises, such as a significant crypto exchange hack, new lawsuits, or the release of previously locked coins could derail this momentum.<\/p>\n

Key Ingredient For The Rip To $100,000 BTC<\/h2>\n

Hougan also stated that growing pro-crypto sentiment would be necessary for BTC to reach the ambitious $100,000 target in the coming months.<\/p>\n

He recalled the famous “DeFi summer” of 2020 as an example and envisions a similar market-wide shift toward crypto, driven by the rising use of stablecoins, high-throughput blockchains, and innovation in passive yield solutions.<\/p>\n

In related news, CEO of crypto mining firm CleanSpark, Zach Bradford, recently opined that Bitcoin could reach as high as $200,000 in the next 18 months given the right conditions.<\/p>\n

That being said, recent geopolitical escalations in the Middle East can adversely impact risk-on assets such as stocks and crypto in the short term. BTC trades at $61,999 at press time, down 1.4% in the last 24 hours.<\/p>\n

\"bitcoin\"<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent memo shared with clients, Bitwise CIO Matt Hougan emphasized several factors that could cause Bitcoin (BTC) to \u201cmelt-up\u201d to $80,000 in the last quarter of 2024. Factors To Propel Bitcoin To $80,000 Hougan highlighted three essential conditions that could push BTC to new all-time highs (ATH) in 2024. First, he pointed to…<\/p>\n","protected":false},"author":1,"featured_media":359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[220,22,28,275,32,36,254,255,381,382],"class_list":["post-358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-altcoin","tag-bitcoin","tag-bitcoin-news","tag-bitwise","tag-btc","tag-btcusdt","tag-cryptocurrency","tag-digital-asset","tag-federal-reserve","tag-interest-rates"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=358"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/359"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}