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The cryptocurrency market’s recent crash represents a once-in-a-lifetime opportunity, according to Bitwise investment chief Matt Hougan.

“I think it’s a generational opportunity for long-term investors, whether you’re looking at Bitcoin, Ethereum or Solana,” Hougan told CNBC on Tuesday.

Over the past month, the cryptocurrency market has wiped out $1 trillion in value, as Bitcoin has tanked as much as 29% from its price record of $126,000 reached last month to briefly trade below $90,000 for the first time since April.

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Hougan attributed the market volatility to broader concerns about the economy, artificial intelligence valuations and tariffs. He said he is bullish on cryptocurrencies despite these concerns because they are supported by “secular trends that are decoupled” from those issues, citing the growth of stablecoins, tokenization, prediction markets and digital identity.

“To get in at these prices, I think, really is almost a gift for long-term investors,” he said. “It’s a tremendous opportunity.”

Meanwhile, according to Hougan, the cryptocurrency market correction is “nearing a bottom.”

“Bitcoin was the first thing to turn over before this broader market pullback,” he said. “It was sort of the canary in the coal mine, signaling that there was some risk in all sorts of risk on assets. I think it’ll be the first thing to bottom.”

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During the same segment, Bitmine (NASDAQ:BMNR) Chair Tom Lee said Bitcoin could still rally to new highs this year, buoyed by an anticipated rally in the stock market.

Hougan and Lee are not the only analysts to sound optimistic on cryptocurrency prices amid the recent slump. Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick, in a Tuesday note, said the market correction was over. He cited the collapse of the multiple to net asset value of Strategy (NASDAQ:MSTR) to 1.

“I think this is enough to signify the sell-off is over and to eventually disprove those who think the halving cycle remains valid,” Kendrick said. “A rally into year-end is my base case.”

Bitcoin has pared some of its losses to most recently trade near $92,000.