Morgan Creek Digital managing partner Mark Yusko predicts that Bitcoin could enter a new, bullish market phase. His observations show the fixation of new, higher lows, which can be an excellent starting point.
Speaking in an interview with Stansberry Research, Mark Yusko, managing partner of Morgan Creek digital hedge fund, Morgan Creek Digital, said that the recent structure of the Bitcoin market indicates a bottoming out process. When BTC makes several higher lows and higher highs, it can indicate a trend change and reversal. Yusko believes that the crypto spring has already started.
“I will argue, and I've been arguing this 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 you watch a podcast I did… I said 'You know what look, we made three higher lows.' It hit $17,500, then we went up and we fell to about $18,000-something, then we went up, and then we went down to $19,000, and then we went up, and then there was a number about $20,900, and I said if we break $20,900 we'll have three higher lows [and] three higher highs. That’s a pretty good bull trend and maybe ‘spring’ will be here.”
Yusko said he agreed with the traditional school of thought that Bitcoin goes through speculative cycles. He suggests that, at the moment, Bitcoin is probably in the “spring” part of the cycle. This means that winter may have already ended, and BTC forms the basis for the next bullish growth, which is called the “summer” phase. According to his assumptions, “summer” will occur shortly before the next halving in early-mid 2024.
“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. Then when we get to summer, that’s when we’ll get the next speculative move and my guess is that will come in anticipation of the next halving in 2024.”
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.