Mark Yusko, managing partner at Morgan Creek Digital, predicts when he thinks Bitcoin (BTC) will become a new bull market.
In an interview with Stansberry Research, Yusko says that Bitcoin’s recent market structure indicates a bottoming process, with BTC posting multiple higher lows and higher highs.
“I’m going to argue, and I’ve been arguing for about ten days or so, and I’m not ready to absolutely call the bottom, but if you go back about a week ago and watch a podcast that I did … I said, ‘You know what, we made three higher lows.” It hit $17,500, then we went up and went down to about $18,000, then we went up, and then we went back to $19,000, and then we went up, and then there was a number of about $20,900 and I said do we Breaking $20,900 will have three higher lows [and] three higher heights. That’s a pretty good uptrend and maybe ‘spring’ is coming.”
The crypto hedge fund manager 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 is over, and BTC is forming a base for the next “summer” bull run, which he predicts will happen right before the next halving from the start will take place by mid 2024.
“So I will pretend that spring has come. If you look at the last two cycles, we have the same number of days in this cycle that spring began and winter ended. Spring could last months. We don’t have to have an immediate bull market. Then when we get to summer we will make the next speculative move and I suspect that will be in anticipation of the next halving in 2024.”
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