Bitwise's Hogan: "Bottom in June"... Year-end improvement forecast

Bitwise Chief Investment Officer Matt Hougan said in a recorded Unchained interview that the crypto market hit its bottom in June and is now in the early stages of a multi-year bull market. Hougan pointed to bitcoin’s resilience despite Democratic wins in both chambers of the U.S. Congress, elevated inflation, and expectations of Federal Reserve rate hikes, arguing that bad news no longer moves the market—a hallmark of early bull phases. He framed the current period as the start of a prolonged uptrend rather than a short-term bounce, implying the cycle low is already behind. The call matters because it signals a shift in institutional sentiment toward treating macro headwinds as priced in. What to watch next is whether BTC and broader crypto markets can hold their footing through upcoming Fed policy signals and inflation data, which would reinforce or undercut Hougan’s bottom thesis.