Bitcoin may be nearing a market bottom, according to Bitwise Chief Investment Officer Matt Hougan, who pointed to months of subdued price action, investor apathy and a lack of sellers as signs that the cryptocurrency could be close to turning a corner.
In an interview with Bitcoin Magazine, Hougan said he believes the world’s most popular cryptocurrency is near a bottom and suggested the current market could be consistent with Bitcoin’s four-year cycle.
“Well, I think we are near a bottom,” Hougan said.
For Hougan, one of the clearest signals is how uneventful the market has become.
“Boring, which is what the market has been, is beautiful,” he said, adding that periods of boredom and apathy are often associated with the end of crypto bear markets.
“Crypto bear markets end in apathy,” Hougan said. “That definitely feels like where we’re at.”
He also pointed to Bitcoin’s ability to shrug off negative news without a significant breakdown. According to Hougan, the cryptocurrency has been “treading water” for a couple of months, which he described as a positive sign.
“There’s no more sellers left in Bitcoin,” he said.
