Morgan Creek Capital CIO Mark Yusko says that Bitcoin (BTC) could be on the verge of entering a fresh bull market.
In a new interview with popular crypto analyst Scott Melker, the hedge fund veteran says he believes the lead-up to Bitcoin’s halving event will likely ignite bullish price action.
“But I will argue spring, summer right around the corner, my guess is May-ish, June-ish, nine months before the halving. And that’s the way it goes.”
According to the Morgan Creek Capital executive, crypto spring is mostly range-bound price action, with summer representing a bullish period.
Yusko also says Bitcoin’s price will likely react to the halving as it has in the past to send the value of the king crypto higher. The halving, which is slated for April 2024, cuts BTC miners’ rewards in half every four years.
Says Yusko,
“It’s hardcoded into Bitcoin that every four years you’re going to cut the block rewards. If you cut the block rewards, in theory, a whole bunch of miners will go out of business unless the price adjusts. And the price adjustment creates movement.”
Bitcoin is trading for $22,356 at time of writing.
He also says that Bitcoin’s fair market value is not derived from the same factors that price traditional assets. He says traditional assets have a much stronger correlation than Bitcoin with GDP growth, interest rates and the economy.
“Bitcoin is the most uncorrelated asset I’ve ever seen in my career.”
Yusko continues to criticize the meme token Dogecoin (DOGE), claiming it has no real use case and therefore should have no value.
“The speculative nonsense like Dogecoin, why does it even exist? I mean my mind hurts. And I said the bear market would be over when DOGE is zero, and I want to stand by that but I can’t because stupid people are going to be stupid. I get in a debate with this guy. And he’s actually a friend. He’s like, ‘Memes have value.’
‘No, they don’t.’”
Dogecoin is worth $0.0769 at time of writing.
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