Morgan Creek Digital managing partner Mark Yusko shared his comments about when Bitcoin (BTC) will enter a new bull market. Here are the details…
Current trends in bitcoin price
According to Yusko, speaking in an interview with Stansberry Research, Bitcoin’s recent market structure is indicative of a bottoming process. Because it is observed that BTC has recorded several high/low and higher peaks. Yusko explained that he had been discussing this issue for about ten days. While he said he was definitely not ready to call the current situation a “bottom”, he noted the following levels:
You know what you’re looking at, we bottomed three times higher. It reached $17,500. Then we went up and saw the bottom at about $18,000. Then we went up again and then down to $19,000. We went up again and it was around $20,900. I said that if we break $20,900, we’ll have three high bottoms [and] three high tops. This is a pretty good bull trend and maybe ‘spring’ will be here.
Mark Yusko gave the estimated date for Bitcoin (BTC)’s bull run
The crypto hedge fund manager says he agrees with the traditional school of thought that Bitcoin is going through speculative cycles. According to Yusko, Bitcoin is likely in the “spring” part of the cycle where winter ends. He predicts that summer will occur just before the next halving in 2024. Yusko uses the following expressions:
So I will argue that spring is here. If you look at the last two cycles, we are the same as the number of days of that cycle where spring begins and winter ends. Spring can take months. We don’t have to see a bull market right away. Then when we come summer, we’ll get the next speculative move. My guess is that this will come in anticipation of the next halving in 2024.
Halving and price change expectation
Mark Yusko is not the only expert pointing to halving in Bitcoin. Henry Elder, head of decentralized finance at Wave Financial, referred to BTC’s halving while talking about another topic. As you know, Merge is eagerly awaited with the hopes of Ethereum to beat BTC. Elder drew attention to BTC’s halving cycle with Merge. He thinks Merge is overrated from the ETH price perspective. “An incredibly important technological change for Ethereum. “But 99.99 percent of users will experience no change until months or years later.”
Elder points to Bitcoin’s halving process here. He said it may take months for the effect of such an event to be seen in the market. Elder said, “I wouldn’t be surprised to see prices pump with Merge. “But I don’t think it’s a sustainable catalyst until the second half of 2023,” he said. As we’ve reported on cryptokoin.com, halving halves Bitcoin rewards for miners every four years. It is a pre-programmed update.
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