Bitcoin is showing what Bitwise Chief Investment Officer Matt Hougan described as an important sign that the market may be near a bottom: prices are no longer falling on bad news. In an interview with Bloomberg, Hougan said Bitcoin failed to post a clear decline in recent months even when negative developments emerged, including Michael Saylor selling Bitcoin and the odds of the CLARITY Act passing falling sharply. In some cases, the token even moved higher against that backdrop. Hougan said that kind of resilience often signals that a bear market may be close to its low. He expects a stronger move in the crypto market by the end of this year, with the next major wave of buyers likely to come from large wealth management platforms. Unlike earlier bull markets driven by retail investors, he said this cycle could unfold more slowly, with smaller swings and a more institutional profile.