‘Look at it with anticipation’: Bitwise CIO sees gold’s parabolic move as a roadmap for bitcoin’s next leg

Matt Hougan, Chief Investment Officer at Bitwise, posits that the recent parabolic rise in gold prices, largely fueled by persistent central bank buying since 2022, serves as a structural roadmap for Bitcoin's next major upward movement. Hougan notes that initial demand from large, steady buyers like central banks caused price-sensitive sellers to exit, eventually leading to an acceleration in gold prices once that selling pressure was exhausted. He argues a similar dynamic is unfolding for Bitcoin, where strong accumulation from spot ETFs and corporate treasuries is thinning the pool of available sellers. This explains why BTC has consolidated between $108,000 and $112,000 despite significant institutional purchases since January 2024. Hougan believes that if ETF and corporate demand continues while on-chain supply for sale declines, Bitcoin is poised to break decisively out of its current range. He advises patience, stating that gold's trajectory shows the playbook, not the exact timing, for Bitcoin's potential rally toward Bitwise's $200,000 target.

(Source：The Block)