[Bitwise CIO: The Debate Over Whether Bitcoin Has 'Bottomed Out' Is 'Asking the Wrong Question,' The Key Lies in Whether the Cycle's Peak Has Yet to Appear] According to The Block, Bitwise Chief Investment Officer Matt Hougan stated that the debate over whether Bitcoin has 'bottomed out' is 'asking the wrong question' for long-term investors. The key lies in whether the peak of this cycle has yet to appear. There is a clear divergence among Galaxy Digital, NYDIG, and Standard Chartered: Galaxy, based on 13 indicators, estimates Bitcoin's bottom range to be between $30,000 and $54,000; NYDIG believes the current pullback exhibits characteristics of a cycle bottom but lacks extreme 'capitulation-style' selling, and institutional demand may alter the cycle structure; Standard Chartered, on the other hand, asserts that $59,000 was the bottom for this cycle and maintains its target of Bitcoin reaching $100,000 within the year.