Investment director of Bitwise Matt Hougan has once again shaken the market with his analytics. In January 2026, when the price $BTC demonstrates volatility, Hougan urges investors not to panic, but to pay attention to gold. According to him, what we are seeing now in Bitcoin is a mirror reflection of the structural breakthrough of gold that occurred in 2025.
The mechanics of 'seller exhaustion'
Hogan's main thesis is that gold rose by 57-65% only after the pool of 'price-sensitive' sellers was exhausted. For a long time, central banks bought gold, but the price did not rise due to constant sell-offs by old holders. Once they were finished, an explosion occurred. Similarly, spot ETFs and corporations have already absorbed over 100% of the new issuance of BTC, and as soon as the pressure from long-term holders eases, the market awaits a 'parabolic future.'
Forecast for 2026
Hogan is confident: the four-year cycle of 'ups and downs' is dead. It has been replaced by a decade of stable growth. He predicts that 2026 will be the year of the 'return of the leader,' where Bitcoin will surpass gold in terms of returns due to the increase in global liquidity and the influx of capital into ETFs. The target mark of $200,000 no longer looks like a dream but becomes a mathematical inevitability.
Subscribe to #MiningUpdates to understand the logic of large capitals!
#Bitcoin #MattHougan #DigitalGold #CryptoRally2026 #Bitwise
