With Bitcoin’s fourth halving out of the way, Bitwise CIO Matt Hougan has made five predictions ahead of the next one, estimated for April 2028.

In a memo to clients earlier this week, Hougan’s expectations focused on lower volatility, increased portfolio allocations and exchange-traded fund flows, central bank involvement and a price target of over $250,000 for bitcoin in the years ahead.

Though the volatility of the cryptocurrency has long been declining as the asset gained adoption, Hougan expects this to accelerate ahead of the next halving, primarily due to the U.S. spot bitcoin exchange-traded funds (of which Bitwise is one of the issuers).

Hougan said ETFs attract diverse investors like financial advisors and institutions to the bitcoin market. Such entities are more likely than …