Morgan Creek Digital cryptocurrency hedge fund managing partner Mark Yusko is doubling down on a bullish prediction for Bitcoin (BTC) despite the recent market downturn.
In a new interview with YouTuber Benjamin Cowen, Yusko says that Bitcoin will range for months before making a parabolic move to a six-figure price.
“What’s going to happen here is we will bump along here. We will start to heal, my guess is first quarter next year is the beginning of crypto summer.
The halving is in January or February of 2024, I think. And it’s usually nine-ish months before we get that next parabolic move and you know the speculators will come back, their wounds will be healed and the gamblers will come back…
And so maybe the parabolic move this time is not as sharp. I know everybody says ‘oh it’s going to $250,000 immediately.’
I’m like, well the model that I look at, the Metcalfe model that I look at, says in 2024 the $100,000 level is certainly a possibility.”
According to the hedge fund veteran, Bitcoin showed remarkable resilience following the collapse of the FTX exchange.
“In theory, if you look at the charts, as we were you know making that low around the $18,000 level, it was starting to look like another descending wedge. And again, a descending wedge, if you break it, there was really not a lot of support until $12,000 – $13,000, the jumping-off point before the big run at the end of 2020 into 2021.
So I was pretty nervous about that if that did break and so when it went into free fall from the kind of $21,000 down to $15,000 after the FTX news I was like ‘all right here we go, we’re going to test that that $12,000 – $13,000 level.’ We didn’t.
That’s actually pretty strong. And I think what it’s telling me is we are in this bottoming process.”
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