Mark Yusko an American investor and CEO of Morgan Creek Capital Management believes that bitcoin will enter its next bull run somewhere in 2024. The primary reason for that will be the surging readiness among investors initiated by the BTC halving.
In addition, he asserted that the current price of the primary cryptocurrency is too low, thinking its “fair value” should be roughly $30,000.
Bitcoin price recovery: “Crypto Winter” will be Over, Welcome Spring
Bitcoin’s price flared in 2021 as it exceeded $60,000 in April and recorded its all-time high of almost $70,000 in November. However, ever since that rise, the asset flipped its trajectory and lost well over 50% of its value.
Fueled by adverse macroeconomic conditions and the global financial crisis, BTC dropped to under $18K in June. In fact, Q2 2022 was the poorest performing quarter in about a decade.
All these negative events, integrated with the diminishing interest from investors, caused many experts in the field to an opinion that crypto winter reigns across the domain.
In a recent interview, Mark Yusko the CEO of Morgan Creek Capital Management claimed that this period of price falls and uncertainty is over. In his opinion, spring has come and, with it, a recovery for bitcoin’s price. He states that spring has sprung and highlights that if we look at the last two cycles, we are the same number of days into that cycle where spring began, and winter ended. He adds that Spring could last for a few months but there is no sign of an immediate bull market.
Precisely, Yusko anticipated that the transition to crypto summer will arrive in 2024 when the next BTC halving (rewards will be cut in half):
“Then when we get to summer, that’s when we Will get the next speculative move, and guess is that will Arrive in anticipation of the next halving in 2024.”
The halving is an event transpiring every (roughly) four years and reduces the speed of making new bitcoins by slicing in half the block rewards. Miners presently receive 6.25 BTC per block, and the number will drop to 3.125 BTC in 2024.
The event is considered highly optimistic since it reduces the speed at which new coins are produced. At the same time, if the demand remains the same or increases, basic economic principles dictate that the asset’s value should increase as well.
BTC Marching to $250K?
Yusko is known as a solid supporter of the digital asset sector, specifically bitcoin. Last year, he indicated that the asset’s price could skyrocket to 250,000 by 2026. Regardless, he summarized that a bumpy ride will accompany this wave. Considering the ongoing bear market, Yusko’s speculation sounds quite objective.
He also anticipated that BTC’s market cap will equal that of gold since he acknowledges that the digital asset has shifted into a “perfect store of value” and is on its way to substituting the precious metal.
Hungry for more information?
NFT Calendar from NFTHi
Join us on Telegram!
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFTs