Mark Yusko – an American investor and CEO of Morgan Creek Capital Management – believes bitcoin will enter its next bull run sometime in 2024. The main reason for that will be the surging enthusiasm among investors prompted by the BTC halving.
Furthermore, he argued that the current price of the primary cryptocurrency is too low, thinking that its “fair value” should be around $30,000.
Winter Is Over, Welcome Spring
Bitcoin’s price exploded in 2021 as it surpassed $60,000 in April and recorded its all-time high of almost $70,000 in November. Ever since that peak, though, the asset reversed its trajectory and lost well over 50% of its value.
BTC plunged below $18K in June due to unfavorable macroeconomic conditions and the global financial crisis. In fact, the second quarter of 2022 was the worst-performing quarter in nearly a decade.
All these negative events, combined with the diminishing interest from investors, caused numerous experts in the field to opine that crypto winter reigns across the space.
In a recent interview, Mark Yusko – the man in charge of Morgan Creek Capital Management – claimed that this period of price drop and uncertainty is over. In his view, spring has arrived and with it, the recovery of the price of bitcoin:
“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.”
Specifically, Yusko predicted that the crypto summer transition would come in 2024, when the next BTC halving would take place:
“Then when we get to summer, that’s when we’ll get the next speculative move, and guess is that will come in anticipation of the next halving in 2024.”
The halving is an event that occurs approximately every four years and reduces the speed at which new bitcoins are created by cutting block rewards in half. Miners currently receive 6.25 BTC per block, and this number will drop to 3.125 BTC in 2024.
The event is considered highly bullish since it reduces the speed at which new coins are produced. At the same time, if the demand remains the same or increases, basic economic principles dictate that the asset’s value should rise as well.
BTC Marching To $250K?
Yusko is known to be a solid supporter of the digital asset sector, particularly bitcoin. Last year, he predicted that the property price could rise to 250,000 by 2026. Nonetheless, he underlined that the boom will be accompanied by a bumpy ride. Looking at the ongoing bear market, Yusko’s sentiment seems quite accurate.
He also envisioned that BTC’s market cap will equal that of gold since he believes the digital asset has turned into a “perfect store of value” and is on its way to replacing the precious metal.
