Hougan: Bitcoin buyers focus on $150k to $250k

Bitcoin analyst Matt Hougan argues that investors buying Bitcoin now are not aiming for short-term profit, but are building positions for much higher prices. Hougan believes the current buying momentum is targeting objectives between $150.000 and $250.000, far higher than the current level of $77.465.

Bitcoin is available at OKX and Bybit.

In short:

• Analysts expect current Bitcoin buyers to be building positions for a much longer term
• The current buying momentum is seen as part of a new bull run in the four-year cycle
• Bitcoin currently stands at $77.500, up 6.5% in 24 hours

Long-term investors instead of profit-takers

According to Scott Melker, Hougan endorses the idea that this is not about impulsive buyers picking up Bitcoin between $72.000 and $76.000 to quickly sell it for a small profit. Instead, Hougan sees a more fundamental shift in market sentiment taking place.

Hougan bases his analysis on the four-year Bitcoin cycle. According to him, investors are now positioning themselves for a new bull run that could lead to much higher levels in the coming years. This explains why large blocks of buyers are emerging at current price levels, without these being quickly sold again.

New cycle started in August

Hougan’s thesis aligns with recent market sentiment suggesting that bull market signals are turning positive again. With Bitcoin recently breaking through strong resistance, the market does appear to be entering a new phase.

The buyer behaviour Hougan observes indicates that major players do not intend to offload their positions quickly. Instead, they are building up stacks on the assumption that Bitcoin can reach up to three times its current price.

Targets around $150k to $250k

Hougan’s concrete targets, $150.000 to $250.000, suggest an increase of 94% to 223% from the current level. These kinds of ambitious targets are typical of analysts who believe in a full new bull run that could last for years. This shifts the focus from day traders to long-term investors betting on fundamental growth.

With institutional inflows via Bitcoin ETFs, Hougan’s analysis seems to align with the actual behaviour of market participants building large positions.