Bitwise CIO Expects Bitcoin to Break $200K Milestone Before the Year Ends

Bitcoin has surged to record highs this week, sparking renewed confidence among analysts and industry insiders who believe the rally could drive prices even higher before the year concludes.

Currently, bitcoin (BTC) trades near $118,000, holding close to its all-time highs and leaving the door open for further gains over the weekend.

On Friday, Eric Balchunas, Senior ETF Analyst at Bloomberg, revealed on X that BlackRock’s spot bitcoin ETF (IBIT) had achieved a historic feat, becoming the fastest ETF ever to amass $80 billion in assets under management (AUM). For context, Vanguard’s S&P 500 ETF (VOO) previously held the record, needing 1,814 days to reach the same mark.

Bitcoin’s record was set as the price touched a new high of $118,667.

Speaking to CNBC and Yahoo Finance, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, maintained a highly bullish outlook, predicting that bitcoin could exceed $200,000 before the end of this year.

Meanwhile, hedge fund manager James Lavish offered an even broader view, comparing bitcoin’s potential price ceiling to the U.S. debt ceiling—suggesting that, ultimately, there may be no limit to bitcoin’s long-term valuation.

Technical Market Breakdown

• Between July 11 at 11:00 UTC and July 12 at 10:00 UTC, bitcoin traded in a relatively tight band of $1,633.46—equivalent to about 1% of its value. The session’s high came in at $118,226.29, with a low of $116,592.83, based on CoinDesk Research’s technical analysis.
• The most significant price movements occurred early in the session, particularly around 13:00 and 15:00 UTC on July 11, as trading volumes surged above the 24-hour average of 7,291. These swings helped define crucial support near $116,726.00 and resistance around $118,226.00.
• Following this volatility, bitcoin shifted into a consolidation phase, with price action largely contained between $117,400.00 and $117,900.00. As the session drew to a close, BTC regained momentum, climbing back to approximately $118,025.00, signaling potential strength heading into the weekend.
• In the final hour of trading—from 09:57 to 10:56 UTC on July 12—bitcoin experienced heightened volatility. Prices dropped from $118,121.16 to a session low of $117,835.74 at 10:14 UTC, before recovering into a new consolidation zone between $118,000.00 and $118,070.00.
• The session reflected classic support and resistance dynamics, with significant volume spikes of 392.48 and 382.49 during the sharp dip around 10:12–10:14 UTC—suggesting institutional activity. A swift rebound above $118,035.00 on lower volume hinted at solid buying support and sustained bullish sentiment as the weekend approached.