The Rise of Crypto
Mark Yusko, the chief investment officer and founder of Morgan Creek Capital, believes the application for a Bitcoin exchange-traded fund (ETF) by BlackRock has ignited the start of a new crypto bull market which will reach its peak around the halving scheduled for April 2024.
“Metcalfe’s law model suggests a fair value of around $55K for Bitcoin. I think we will gradually move towards that level,” Yusko told Cointelegraph in a recent interview.
Yusko also believes that when the market reaches this fair value, speculators will flood into the crypto industry, driving the Bitcoin (BTC) price to unprecedented heights.
“We are likely to experience a speculative blow-off top in 2024, leading to the next downturn and the next crypto winter,” he said.
BlackRock’s Bitcoin ETF Application and Yusko’s Price Outlook
Yusko is highly confident that BlackRock’s Bitcoin ETF application will be approved by the Securities and Exchange Commission, thus becoming one of the catalysts for the next parabolic bull run.
“I think it’s a done deal. I think it’s been a done deal for years. They’ve just been waiting for the right time,” he said, commenting on the application.
To find out more about Yusko’s Bitcoin price outlook for the next months, don’t miss the full interview and subscribe to our YouTube channel!
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