• Cryptocurrency market has rekindled with a 25% increase in valuation, surpassing the $1 trillion mark for the first time since November 2023.
• Mark Yusko, founder, and chief investment officer at Morgan Creek, recently stated that Bitcoin (BTC) could be in the midst of a trend shift as it prepares for the 2024 halving.
• Yusko is of the opinion that BTC is getting closer to a new bull market and that the asset dropped from $18,000 to $15,000, and then it rose to $18,000 again.
The cryptocurrency market has seen a resurgence of growth, with market valuation crossing the $1 trillion mark for the first time since November 2023. This has been largely attributed to the growing anticipation for the upcoming 2024 Bitcoin halving, which is expected to reduce the supply of Bitcoin and thereby create a bullish market. Well-known investors, such as Mark Yusko of Morgan Creek, have also released positive outlooks for the future of Bitcoin.
Mark Yusko, founder and chief investment officer of Morgan Creek, recently stated that Bitcoin (BTC) could be in the midst of a trend shift as it prepares for the 2024 halving. He suggested that the asset had dropped from $18,000 to $15,000, and then rose to $18,000 again. This, he argued, indicated that Bitcoin may already be in a sideways accumulation period.
Yusko is of the opinion that BTC is getting closer to a new bull market based on the halving cycle, and the four-year cycle which suggests that spring is typically flat. He argued that this indicates that Bitcoin is likely to experience a significant price increase soon, as the halving event draws closer and more investors start to pour into the market. He also noted that this increase is likely to be fueled by institutional investors, as well as retail investors, who have become increasingly interested in Bitcoin over the last few years.
Overall, Mark Yusko’s positive outlook on Bitcoin has been welcomed by many in the industry. His outlook has added further fuel to the growing anticipation for the upcoming halving and the potential for a new Bitcoin bull market. As more investors enter the market, it will be interesting to see how the market reacts and if Bitcoin can breach the all-time highs it reached in late 2023.
