Bitwise Chief Investment Officer: $84,000 as BTC's near-term defense, $70,000 as a potential retracement target

Matt Hougan, chief investment officer at Bitwise, pointed out that the $84,000 level (the March pullback low) is a key support level for BTC that some investors are currently focusing on. However, if the market fully retracts all of October's gains, when Bitcoin hit an all-time high of $126,000, the price could fall further back into the pre-Trump trading range of around $70,000.
Hougan said that although Bitcoin may be falling to the low-to-mid range of the 70,000 dollar, the market is'closer to the bottom than the beginning of the decline '. He pointed to the current divergence between short-term panic and long-term confidence: global liquidity tightening, DAT trading position squaring led to selling pressure, but Harvard Endowment, Abu Dhabi Sovereign Fund and other long-term institutions are "tentative" to build positions at current prices.