Bitcoin has been under immense pressure recently amid a broader sell-off in risk assets, mostly due to the government shutdown-driven macroeconomic uncertainty.
As its price slipped below the closely watched $90,000 level this week, BTC even formed a “death cross” – a technical pattern that often accelerates downward momentum in the near-term.
A death cross is when an asset’s short-term moving average (50-day) dips below the long-term trend (100-day).
Still, Charles Hoskinson, the co-founder of Ethereum, remains bullish as ever on Bitcoin, believing the world’s largest cryptocurrency by market cap remains on track to hit $250,000 by the end of next year.
Why is Hoskinson uber bullish on Bitcoin
Hoskinson’s bullish outlook stems from a structural shift in crypto market participation.
“This time around, you have BlackRock, Goldman Sachs, Morgan Stanley, and the US government all coming in,” he told CNBC – contrasting today’s environment with retail-driven peaks of 2021.
The launch of multiple Bitcoin exchange-traded funds (ETFs) and the onboarding of real-world assets into blockchain infrastructure mark a new phase of institutional adoption.
Stablecoins alone have surpassed $250 billion in issuance, with projections pointing to over $1.0 trillion by 2030.
According to Hoskinson, this influx of capital and credibility is laying the groundwork for a more resilient and expansive crypto market, one less prone to prolonged downturns.
Crypto’s role in global commerce to drive BTC higher
Beyond price action, Hoskinson sees crypto as a geopolitical and commercial necessity. “You need a safe commercial space,” he said, referencing rising tensions between global powers.
In his view, blockchain offers a neutral infrastructure for trade and data exchange, especially vital as traditional transnational institutions lose influence.
“It’s not just a financial asset,” he argued. “You’re talking about protocols to run social networks, AI, supply chains, and medical records.”
With over 550 million users today and expectations to reach a billion, Hoskinson believes crypto is “rewiring the back end of society,” offering fair rules and interoperability in a fragmented world.
That utility, he believes, will drive long-term value and push BTC price much higher from current levels.
Volatility remains – but the trajectory is upward
While technical indicators like the death cross suggest caution, historical patterns and macro normalization – including the end of a 43-day US government shutdown – point to potential recovery.
As Hoskinson puts it, “there’s no way for these markets to stay depressed forever … they’re just reflecting the current macro environment.”
Stablecoin reserves relative to Bitcoin’s market cap are at levels previously seen during periods of increased participation.
This suggests sidelined capital may be preparing to re-enter the market, especially as institutional confidence builds and macro headwinds begin to ease heading into 2026.
Put together, these tailwinds will see Bitcoin climb to $250,000 by the end of next year, Hoskinson concluded.
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