According to Bitwise CIO Matt Hougan, on Nov. 9, the crypto market bottomed in June and is now in the early stages of a multi-year bull market. Hougan cited behavioral evidence: Bitcoin and the wider asset class absorbed Democratic Congressional gains, hot inflation readings, and rising Fed rate expectations without breaking down. BTC traded near $73,300 at 18:08 UTC on Tuesday, approximately 42% below its all-time high of $126,080 set in October 2025. Bitwise's October memo noted bitcoin fell over 50% from its peak before bottoming below $59,000 in June.

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