Morgan Creek Digital Managing Partner Mark Yusko predicts when he thinks Bitcoin (BTC) will turn into a new bull market.
Speaking in an interview with Stansberry Research, Yusko said Bitcoin’s recent market structure is indicative of a bottoming process, with BTC printing multiple lows and higher highs.
“I’m going to argue, and I’ve been saying this for about ten days or so, and I’m not ready to absolutely call the bottom line, but if you come back about a week ago and watch a podcast that I did… I said “You know what a look, we did three lows higher.” It hit $17,500 and then we went up and we fell to about $18,000, then we went up, then we went down to $19,000, then we went up, then there was a number around $20,900, and I said if we break $20,900 we will have three higher lows [and] three higher peaks. It’s a pretty good uptrend and maybe ‘spring’ will be here.”
The crypto hedge fund executive says he agrees with the traditional school of thought that Bitcoin goes through speculative cycles.
According to Yusko, Bitcoin is likely in the “spring” part of the cycle where winter has ended, and BTC is forming a base for the next “summer” bull run, which he predicts will occur a little before the next one. halving from start to middle. 2024.
“So I will argue that spring has arrived. If you look at the last two cycles, we are at the same number of days in this cycle where spring started and winter ended. Spring could last for months. We don’t need to have an immediate bull market. Then when we get to summer, that’s when we’ll have the next speculative move and I’m guessing that will come in anticipation of the next halving in 2024.”
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