The crypto market is set to rise in 2026, but whether this trend can continue remains uncertain. Bitwise Chief Investment Officer Matt Hougan pointed out that for the market to break out into a genuine long-term bullish trend, it must first overcome three key challenges: market stability, regulatory legislation, and the overall financial environment.
(Previous context: Arthur Hayes' long article: Elections, oil prices, and printing presses—why Bitcoin only cares about Trump’s face)
(Additional background: Fidelity’s 2026 crypto market outlook report: More countries may establish Bitcoin reserves, and long-term holding of BTC remains profitable)
Table of Contents
1. Systemic risk has cooled, the market has already passed the first hurdle
2. U.S. legislative progress, becoming a key variable affecting mid-term trends
3. Stock market trends remain an external factor that crypto assets cannot ignore
Long-term fundamentals are taking shape, but the key still depends on whether all three hurdles can be fully cleared