Founder and CEO of crypto hedge fund Morgan Creek Digital Mark Yusko is sticking to his prediction that a digital asset bull market is imminent.
In a new Blockworks Macro interview, Yusko says that his call for a crypto bull market to begin this month is a little premature.
The Morgan Creek executive now believes that a “crypto summer” will likely kick off in mid-June.
“I declared a while ago that Tuesday (April 18th), which was my birthday… I declared that it was going to be my birthday present, that crypto summer would arrive, that we would get the crypto equinox. I think I might be early. Maybe it’s June 15th.”
According to Yusko, Bitcoin (BTC) is now in a position to ignite a big breakout as it prints a technical reversal pattern.
“But the really interesting factoid is Bitcoin’s been dead flat over the last 12 months. That’s pretty interesting. And it’s because it fell from $60,000, down to $27,000, or whatever, and then it was kind of flattish. And then it went down to $15,000 during the FTX debacle.
And if you look at the chart, it’s like a beautiful inverse head and shoulders at $27,000. And so, it’s a really interesting technical pattern. And you know, I think we need to see some good news to get the momentum going.”
On the collapse of multiple regional banks this year, Yusko says that the turmoil in the sector was potentially instigated to enable the smooth adoption of a central bank digital currency (CBDC).
“What’s interesting is if you would have said we’re going to have three of the largest bank failures in history this year, which was not on anyone’s Bingo card by the way, if you would have said that that this would be the largest year for bank failures in history…
You would have thought, ‘Oh my God, Bitcoin is going to crash.’ Instead, it’s up meaningfully.
I do think there’s information content there.
I come back to the whole thing that all of this, I think, is a plan to foment fear in the banking system so that we will all gladly happily accept the CBDC that’s coming.”
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