Bitwise CIO’s Bold Claim: Bitcoin Should Be Trading at $200K Already—Here’s Why It’s Not

Bitcoin's price trajectory has defied even the most optimistic projections—but according to Bitwise's Chief Investment Officer, we're witnessing a major market anomaly.

The $200K Question

If historical patterns and adoption curves held, Bitcoin would already be flirting with the $200,000 mark. Institutional inflows, ETF approvals, and macroeconomic pressures all scream 'bull run'—yet here we are.

Regulatory Headwinds Bite

Unclear policies and knee-jerk reactions from legacy finance gatekeepers keep slamming the brakes on momentum. Traditional finance's allergy to decentralization strikes again—nothing a few paperwork delays can't stifle.

Market Mechanics Exposed

Liquidity crunches, leveraged positions unwinding, and good old-fashioned fear do what they do best: create chaos. Meanwhile, Wall Street still treats crypto like a risky side bet rather than the main event.

Where Do We Go From Here?

The fundamentals haven't changed. Scarcity, adoption, and technological utility remain rock-solid. But until the old guard stops playing regulatory whack-a-mole, even sound math takes a backseat to short-term sentiment.

Maybe the real barrier isn't technology or adoption—it's finance's endless capacity to overcomplicate a simple win.

Bitcoin has been struggling to break past the $112,000 mark, leaving many investors frustrated. But according to Matt Hougan, Bitwise Chief Investment Officer, the story isn’t about Bitcoin’s weakness, it’s about powerful forces holding it back. 

In a recent interview with CoinDesk, he boldly said, “Bitcoin should be at $200,000 by now. Once suppression is removed, it’s a coiled spring.”

Suppressed Despite Positive News

Speaking with CoinDesk, Bitwise CIO Matt Hougan said Bitcoin’s real value has been held back by short-term economic worries, even while a wave of positive news has been building in the background.

He pointed to several major milestones: the creation of a strategic Bitcoin reserve, the SEC pulling back from high-profile lawsuits, progress on stablecoin rules, and even the White House’s Crypto Summit. According to Hougan, these are “game-changing” developments that should have already lifted Bitcoin to $150,000 or even $200,000.”

BITWISE CIO:"BITCOIN SHOULD BE AT $200,000 BY NOW."

"ONCE SUPPRESSION IS REMOVED, IT'S A COILED SPRING."#Bitcoin #Crypto #BullRun #Investing #CryptoFuture #MarketMovement pic.twitter.com/ujKSfmVFVx

“Instead of recognizing these breakthroughs, markets have ignored them,” he explained. “This suppression has kept Bitcoin’s price far below where it should naturally be.

Despite the current suppression, he says Bitcoin’s fundamentals are stronger than ever. If economic uncertainty eases, he expects a swift breakout to new highs, and by year’s end, he sees bitcoin charging toward the $200,000 mark.

What makes him so confident? 

His confidence comes from demand outpacing supply. He points to three key drivers: strong ETF inflows, more companies like MicroStrategy buying Bitcoin, and growing interest from countries. 

Hougan expects the number of firms adding Bitcoin to triple this year, saying nothing is holding it back except short-term hesitation.

What Next For Bitcoin

For investors, the message is clear: Bitcoin may seem stuck now, but pressure is building. At the moment, Bitcoin trades NEAR $110,768, slightly down, as seen in the last 24 hours. 

However, technical charts point to a possible rise toward $113,500 in the short term and $120,000 in the medium term, with resistance at $117,544 and strong support at $107,255.

If this pressure is released, the Bitwise CIO believes Bitcoin could break out like a spring snapping upward. And in his view, the rally doesn’t stop at $112K, it could push much closer to $200,000 by the end of the year.