Bitwise CIO: The Federal Reserve's expected interest rate cut will not change the bullish trend of cryptocurrency
On December 19, Bitwise Chief Investment Officer Matt Hougan expressed his views on X, elaborating on why he believes the current bullish trend in the cryptocurrency market will continue. Despite the short-term impact of the Federal Reserve's latest policy statement on the market - reducing next year's interest rate cut expectations from four times to twice - Hougan believes this is just a brief interlude in the bull market process. He pointed out that the cryptocurrency market has developed endogenous dynamics independent of Fed policy, with four core trends continuously driving industry development:
Washington's regulatory attitude has clearly shifted towards active support
Institutional investors are accelerating their entry and ETF funds continue to flow in
Government and corporate institutions strategically increase holdings of Bitcoin
Programmable Blockchain technology has made breakthrough progress.
From a technical perspective, Bitcoin's 10-day exponential moving average (approximately $102,000) continues to stay above its 20-day average (approximately $99,000). Hougan stated that this classic technical indicator has always been able to reflect market trends well.
Hougan emphasized that the cryptocurrency market is currently in a new multi-year bull cycle and expects a 50bps rate cut will not change this.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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