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Bitcoin (BTC), Ethereum (ETH), and altcoins got off to a strong start in 2026. While it remains to be seen whether this momentum will continue throughout the year, the CIO of Bitwise suggested three conditions for a sustainable bull market in cryptocurrencies.
Bitwise CIO Matt Hougan stated in a blog post published on Bitwise’s official blog that the path to new highs for Bitcoin and cryptocurrencies depends on market stability, US regulations, and a calm stock market.
Hougan argued that for the bullish momentum to be sustained, large-scale market shocks needed to be mitigated, a crypto market structure law needed to be passed by the US Congress, and US stock markets needed to stabilize.
Hougan specifically pointed out that the market should avoid a repeat of major shocks like the liquidation of approximately $19 billion worth of crypto futures positions on October 10 last year.
He said that selling pressure intensified in November and December following the October 10 crash due to concerns about potential liquidations by large market makers or hedge funds, but that this pressure has eased in recent weeks.
Hougan, noting that most large-scale liquidations in Bitcoin and altcoins will be completed before the end of 2025, also stated that clearer regulatory laws are crucial for a sustainable rally, as well as a reduction in market shocks.
According to Hougan, the next test will be in Washington. A proposed bill concerning the structure of the US cryptocurrency market is passing through Congress, and the Senate Banking Committee is scheduled to consider the bill in mid-January; however, this date has not yet been confirmed, and this is only one part of the legislative process.
Finally, Hougan added that cryptocurrencies also need a relatively stable stock market environment. Hougan argued that a more stable US stock market would alleviate pressure on risky asset markets like Bitcoin.
*This is not investment advice.