Analyst reveals 'easy' Bitcoin target of $1.3 million
Mon, September 7, 2026 at 6:59 PM GMT+3 6 min read
Bitwise Asset Management's chief investment officer, Matt Hougan, believes Bitcoin could climb above the $100,000 threshold before the end of 2026.
Looking further ahead, he sees the potential for an even more dramatic increase, arguing that Bitcoin could eventually trade at roughly ten times its current level as global macroeconomic conditions increasingly favor scarce digital assets.
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Bitcoin could break above $100,000 before year-end
According to Hougan, the next major catalyst capable of pushing Bitcoin through the strong resistance area around $83,000 may not originate within the crypto industry itself. Instead, developments in Washington, movements in government bond markets, and renewed institutional activity following the summer period could determine whether BTC enters another major leg higher.
Bitcoin's rapid move from approximately $64,000 to $80,000 in just ten days caught a large part of the market off guard. Hougan argues that one of the most important triggers behind the renewed enthusiasm was the announcement that the U.S. government intends to conduct substantial repurchases of Treasury securities.
"Crypto investors have been waiting for weeks, perhaps even months, for a reason to start buying again. There have been positive developments all along, whether in tokenized equities, real-world assets, or platforms such as Hyperliquid," he said. "What was missing was a catalyst like the U.S. government's repurchase of U.S. bonds. Once that arrived, many investors returned to the market very quickly."
Despite the renewed bullish momentum, Hougan does not expect Bitcoin to continue rising in a straight line. He believes the market could spend several weeks consolidating, potentially extending into October before a clearer trend emerges.
Central-bank policy will therefore remain a major factor. Particular attention is likely to fall on the Federal Reserve's upcoming interest-rate decision on Sep. 16, alongside monetary-policy developments in Japan and Europe. These decisions could significantly influence liquidity conditions, bond yields, and investors' willingness to take additional risk.
Hougan also believes the changing macroeconomic backdrop is beginning to reshape traditional portfolio construction. In his view, investors are not necessarily reducing their exposure to equities. Instead, some are reconsidering how much long-duration bond risk they want to hold while using Bitcoin and other crypto assets as an alternative source of portfolio risk and potential return.
"The traditional allocation of 60% equities and 40% bonds is ultimately completely dependent on the fiat system. What I am seeing among investors is therefore less risk at the long end of the bond market," he said. "They are shortening duration and, for example, holding three-month Treasury bills instead of ten-year Treasuries. They then take on that additional risk through a crypto allocation to Bitcoin."
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The broader geopolitical environment could make financial markets particularly sensitive to shifts in sentiment. Continued uncertainty surrounding Iran, combined with growing tensions involving Europe and NATO, has created conditions in which even relatively modest positive developments could produce sharp market reactions.
For Bitcoin, this means favorable macroeconomic signals could quickly attract capital, although the same sensitivity could also increase the risk of abrupt corrections.
"We have now reached a point where even a relatively small positive macro signal can trigger a major reaction. It does not necessarily require a massive intervention," Hougan said. "If investors get the impression that pressure on long-term interest rates is easing, that could be enough to trigger a second phase of the Bitcoin rally."
Institutional investors could provide another important source of demand in the coming weeks. Hougan notes that many large investment firms are only now returning from the traditional August slowdown and are expected to finalize their allocation plans for the remainder of the year by around mid-September.
That process could be particularly important for Bitcoin. Even relatively small changes in institutional portfolio allocations can translate into significant capital flows because of the enormous amount of money controlled by asset managers, pension funds, banks, and other professional investors.
Hougan also sees Bitcoin as a potential beneficiary of another long-term global trend: rapidly expanding government debt and the gradual erosion of purchasing power in fiat currencies.
In such an environment, a scarce asset with a predetermined supply could become increasingly attractive to investors seeking alternatives to traditional monetary assets. Hougan therefore believes Bitcoin still has substantial upside potential during the remainder of 2026.
"I think we have a good chance of seeing Bitcoin back above $100,000 this year. Wall Street is only just returning from the August break. When investors look at the macro environment and at the same time see that Bitcoin has established a reasonable floor, many of them will want to start allocating capital again."
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Bitcoin could reach $1.3 million by 2035
Hougan's expectations extend far beyond a potential move above $100,000. Over the longer term, Bitwise sees the possibility of Bitcoin reaching approximately $1.3 million by 2035.
One of the central arguments behind that forecast is continued global adoption. Current estimates suggest that roughly 4% of the world's population already owns Bitcoin. If that share continues to rise over the coming years while institutional participation expands at the same time, the amount of capital entering the asset class could increase substantially.
As per Hougan, Bitcoin does not require universal adoption for valuations above $1 million to become realistic. A comparatively modest increase in ownership, combined with larger allocations from professional investors, could be sufficient to significantly alter the balance between available Bitcoin supply and investor demand.
If institutional adoption continues while governments struggle with rising debt burdens, inflationary pressures, and declining confidence in traditional currencies, Bitcoin's role within global portfolios could expand considerably.
For Hougan, these structural developments form the foundation of the argument that today's Bitcoin valuation may still represent only a fraction of its potential long-term market value.
"Our long-term forecast is $1.3 million by 2035 and is comparatively easy to achieve. [...] Institutions control the majority of capital and currently have practically no allocation to crypto. If that rises to one, two, three, five, or even ten percent, we are talking about enormous amounts of capital that could flow into this market."
Bitwise is far from the only financial institution expressing a bullish long-term view on Bitcoin. Veteran investor Cathie Wood also holds a bullish price target of $1.5 million for the leading cryptocurrency.
Bitcoin was trading at $79,518 at the time of writing, as per Decibel.
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This story was originally published by TheStreet on Sep 7, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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