Morgan Creek founder and CIO Mark Yusko says that Bitcoin (BTC) could be in the midst of shifting its trend as it gears up for the 2024 halving.
In a new Crypto Banter interview, Yusko says Bitcoin may already be in a sideways accumulation phase after managing to recover the $18,000 price level.
He also believes that BTC is inching closer toward a new bull market based on the halving cycle.
“We had the dip from $18,000 down to $15,000 and then back to $18,000. We made the perfect cup and handle pattern, but spring – interestingly enough, think about the four-year cycle, spring is basically flat…
They key there is spring is flat, but there’s a lot of volatility. Summer, which I think starts in April-May, usually nine months ahead of the halving, that’s when things are going to get fun.”
The halving, which slashes the rewards issued to Bitcoin miners by half, is slated to take place in March 2024. The hedge fund veteran says that the event “guarantees” that the price of the flagship crypto asset will increase.
“The reality is Bitcoin was engineered so perfectly. It’s really amazing when you think about it. That’s why I’m pretty sure Satoshi’s not a single person because I don’t think any one person could be this smart. Just think about the halving. The halving guarantees number go up.”
Yusko also explains why he thinks Bitcoin is one of the most important plays that an investor can make.
“I am certain of one thing – that blockchain technology is the evolution of computing power that has been going on since the 1950s…
We are going to replace trust with truth and blockchains are going to run everything. I am certain of that, and the Bitcoin blockchain is the most powerful supercomputer in the world. It is the most powerful computing network in the world by an order magnitude of 1,500x. It is 1,500 times more powerful than CERN’s supercomputer. Owning a piece of that network is the most important thing you can do in this world.”
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