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Bitwise Analyst Named the Timeline for Bitcoin’s New All-Time High
According to Rasmussen, the current stagnation is only a temporary phase before a fundamental shift in the structure of digital asset ownership. The growth of the leading cryptocurrency will not be a random spike, and by 2029 BTC may surpass gold in market capitalization, the analyst believes.
“The driver of this scenario will be a steady inflow of funds from institutional investors. Wall Street is gradually turning cryptocurrency into a standard element of investment portfolios,” explained the head of the Bitwise division.
He believes the crypto market has been in a bearish phase for almost a year, and retail investors are frightened — but their return will signal the end of the downtrend.
“The main focus of large players has now shifted toward gold and other commodities, but this is only a transitional accumulation period before better times begin. Bitwise’s discussions with major brokers and pension funds show real interest in Bitcoin,” the analyst said.
Capital inflows through spot Bitcoin ETFs and easing U.S. monetary policy (primarily cheaper credit) will create conditions in which old models stop working, paving the way for exponential growth of the leading cryptocurrency, Rasmussen stated.
Earlier, analysts at U.S. investment bank Compass Point said that an “air pocket” has formed in the Bitcoin market between the key support levels of $70,000 and $80,000.
See also: "Matt Hougan: The Crypto Market Downturn Is Not Just a Brief Correction"
