Mark Yusko, managing partner of Morgan Creek Digital, predicts when he believes that Bitcoin (BTC) to a new bull market.
Speaking in an interview with Stansberry Research, Yusko said that the recent market structure in Bitcoin points to a bottoming process, with BTC printing several higher lows and higher highs.
“I’ll argue, and I’ve been arguing about this for ten days or so, and I’m not quite ready to call the bottom, but if I came back about a week ago and watched a podcast, I did…”You know what the look is, we made three lows higher.” It hit $17,500, and then we went up and down to about $18,000, then we went up, then we went down to $19,000, then we went up, and then there was a number around $20,900, and I said if we break out at $20,900 we’ll have three higher lows [and] Three higher altitudes. This is a very good uptrend and probably the ‘spring’ is here.”
The CEO of a crypto hedge fund says he agrees with the traditional school of thinking that bitcoin goes through speculative cycles.
According to Yusko, Bitcoin is likely in the “spring” part of the cycle as winter is over, and BTC is forming the basis for the next bullish rally in “summer,” which is expected to happen a little before the next halving in early to mid-2024.
“So I would argue that spring has popped up. If you look at the last two cycles, we’ll be the same number of days in that cycle as spring started and winter ended. Spring can last for months. We don’t have to have an instant bull market. Then when we get to summer, then we’ll have On the next speculative move I think that will come in anticipation of the next half in 2024.”
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