Foresight News has reported that according to The Block, Bitwise Chief Investment Officer Matt Hougan analyzed that while the crypto market got off to a good start in early 2026, whether it can sustain the rally depends on overcoming three key obstacles. Hougan noted that Bitcoin and Ethereum have both risen approximately 7% year-to-date, while more speculative assets like Dogecoin have achieved larger gains. However, a price pullback on Wednesday has raised questions about whether the new year’s uptrend can be sustained.
He pointed out that the first obstacle has already been cleared—avoiding large-scale market volatility similar to the market crash event on October 10 last year, which resulted in at least $20 billion in crypto futures positions being liquidated that day. He stated that while concerns about large market makers or hedge funds potentially being forced to unwind positions previously put pressure on prices last year, these worries have gradually diminished as the year ended.
In Hougan’s view, the second obstacle is related to U.S. legislation, particularly the crypto market structure bill called the “Clarity Act.” This bill is advancing in Congress with an expected revision in the Senate on January 15, though disagreements remain on DeFi regulation, stablecoin incentives, and political conflicts of interest. The final factor is the broader stock market. Hougan stated that crypto’s performance doesn’t require a booming stock market, but he warned that a stock market crash could drag down all risk assets in the short term.
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