Mark Yusko: Bitcoin’s Next Bull Run Will Come In 2024
The CEO of Morgan Creek, Mark Yusko thinks that the BTC halving in 2024 will fuel the next crypto bull run.
Mark Yusko – an American investor and the CEO of Morgan Creek Capital Management – believes bitcoin will enter its next bull run in 2024. The main reason for that will be the rising enthusiasm of investors due to BTC halving.
Additionally, he argued that the current price of the major cryptocurrency is too low, arguing that its “fair value” should be around $30,000.
Bitcoin’s price exploded in 2021 when it surpassed $60,000 in April and recorded an all-time high of nearly $70,000 in November. However, since that peak, the asset has reversed course and lost more than 50% of its value.
Driven by adverse macroeconomic conditions and the global financial crisis, BTC dipped below $18,000 in June. Q2 2022 was the worst performing quarter in a decade.
All of these negative events, combined with the declining interest from investors, have led many experts in the field to suggest that crypto winter is reigning throughout the space.
In a recent interview, Mark Yusko stated that the period of bearishness and uncertainty is over. In his view, spring has arrived, and with it, a Bitcoin price recovery:
“So I will argue that spring has sprung. If you look at the last two cycles, we are the same number of days into that cycle where spring began, and winter ended. Spring could last months. We don’t have to have an immediate bull market.”
Halving is an event that occurs approximately every four years and reduces the rate at which new Bitcoins are created by cutting the block reward in half. Miners currently receive 6.25 BTC per block, dropping to 3.125 BTC by 2024.
This event is considered very optimistic as it reduces the production rate of new coins. At the same time, if demand remains the same or increases, economic fundamentals dictate that the asset’s value should also increase.
Yusko is a staunch supporter of the digital asset sector, especially Bitcoin. Last year, he forecast that the asset price could soar to $250,000 by 2026. However, he outlined that a bumpy road would accompany this increase. Considering the ongoing bear market, Yusko’s assumption sounds pretty accurate.
He also envisions that BTC’s market capitalization will equal that of gold as he believes the digital asset has turned into a “perfect store of value” and is on its way to displacing the precious metal.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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Mark Yusko: Bitcoin’s Next Bull Run Will Come In 2024
The CEO of Morgan Creek, Mark Yusko thinks that the BTC halving in 2024 will fuel the next crypto bull run.
Mark Yusko – an American investor and the CEO of Morgan Creek Capital Management – believes bitcoin will enter its next bull run in 2024. The main reason for that will be the rising enthusiasm of investors due to BTC halving.
Additionally, he argued that the current price of the major cryptocurrency is too low, arguing that its “fair value” should be around $30,000.
Bitcoin’s price exploded in 2021 when it surpassed $60,000 in April and recorded an all-time high of nearly $70,000 in November. However, since that peak, the asset has reversed course and lost more than 50% of its value.
Driven by adverse macroeconomic conditions and the global financial crisis, BTC dipped below $18,000 in June. Q2 2022 was the worst performing quarter in a decade.
All of these negative events, combined with the declining interest from investors, have led many experts in the field to suggest that crypto winter is reigning throughout the space.
In a recent interview, Mark Yusko stated that the period of bearishness and uncertainty is over. In his view, spring has arrived, and with it, a Bitcoin price recovery:
“So I will argue that spring has sprung. If you look at the last two cycles, we are the same number of days into that cycle where spring began, and winter ended. Spring could last months. We don’t have to have an immediate bull market.”
Halving is an event that occurs approximately every four years and reduces the rate at which new Bitcoins are created by cutting the block reward in half. Miners currently receive 6.25 BTC per block, dropping to 3.125 BTC by 2024.
This event is considered very optimistic as it reduces the production rate of new coins. At the same time, if demand remains the same or increases, economic fundamentals dictate that the asset’s value should also increase.
Yusko is a staunch supporter of the digital asset sector, especially Bitcoin. Last year, he forecast that the asset price could soar to $250,000 by 2026. However, he outlined that a bumpy road would accompany this increase. Considering the ongoing bear market, Yusko’s assumption sounds pretty accurate.
He also envisions that BTC’s market capitalization will equal that of gold as he believes the digital asset has turned into a “perfect store of value” and is on its way to displacing the precious metal.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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