Bitwise CIO: Retail investors' selling pressure is approaching "exhaustion," and Bitcoin's bottom may be near.

On November 5, Bitwise Chief Investment Officer Matt Hougan stated that despite Bitcoin falling below $100,000 and hitting a new low since June, causing concerns in the market about a “crypto winter”, he believes the current market is closer to the bottom rather than the start of a new long-term Bear Market. Matt Hougan mentioned that retail investors are currently in a state of “extreme despair”, with frequent leverage liquidations and market sentiment hitting new lows; however, institutional investors and financial advisors still maintain a bullish outlook, continuously allocating towards Bitcoin and other encryption assets through ETF channels. He pointed out that institutions are becoming the main driving force in the market. Matt Hougan indicated that the selling pressure from retail crypto investors is nearing “exhaustion”, and he believes that the bottom for Bitcoin prices is about to appear, and it will come sooner than expected. He thinks that Bitcoin still has the opportunity to reach new highs this year, with prices potentially rising to the range of $125,000 to $130,000, and if the trend is favorable, it may even reach $150,000. Hougan believes that as institutional buying continues to grow, the next phase of the crypto market will be driven by more rational capital.