Bitwise CIO: Bitcoin has not yet bottomed, investors should be patient

Matt Hougan, CIO of crypto asset manager Bitwise, has stated that Bitcoin has not yet hit its bottom, DL News reported. Speaking on a podcast, Hougan called the Feb. 5 drop from $72,000 to $60,000 shocking but said it was not the market floor. He warned that more pain could be ahead and that he would not be surprised by another major price swing, advising investors to remain patient. Hougan added that Bitcoin follows a four-year boom-and-bust cycle, but the presence of large investors could signal an end to such severe crashes. He explained that increased institutional participation could reduce Bitcoin's typical 80% drawdowns to a range of 50% to 60%, as institutional and retail investors behave differently, with one group potentially buying while the other sells.