Matt Hougan, chief investment officer at Bitwise Asset Management, suggests that Bitcoin (BTC) is nearing the end of its current 'crypto winter' and may soon enter a recovery phase. In an interview with Cointelegraph, Hougan indicated that the broader four-year crypto cycle remains intact, with a potential bottoming phase expected around mid-April. He pointed out that seasonal tax-related selling pressure in the United States has contributed to recent market weakness. Although risks such as regulatory uncertainty, particularly regarding legislation like the Clarity Act, and macroeconomic shocks persist, Hougan believes the market is increasingly influenced by crypto-native factors like liquidity conditions and cycle psychology. He noted that institutional investors are not questioning Bitcoin's legitimacy but are instead focused on strategically timing their market entry. Furthermore, he expressed optimism about the long-term growth of stablecoins, highlighting that companies like Circle could benefit from increased adoption. Overall, Hougan anticipates a gradual stabilization and recovery in the crypto market, led by institutional capital rather than a sharp rebound.