There are only a few days left until the highly anticipated halving event of the leading cryptocurrency Bitcoin. Market players and investors are eagerly awaiting this event. With halving, BTC production will be halved. Experts and analysts say that this deflationary development will have a significant impact on the price. Mark Yusko, CEO and CIO of Morgan Creek Capital Management, has a similar sentiment. In this context, Yusko gives a 2X price target for Bitcoin this year.
Is Bitcoin heading to $150k?
cryptokoin.comAs you follow from , the price of Bitcoin has increased by over 60 percent since the beginning of the year. In the process, BTC managed to surpass its 2021 all-time high of $69,050. Thus, it recorded a new all-time high (ATH) of $74,000. There is one most impressive aspect of this milestone. This is because the last peak has so far preceded the fourth halving. Because this is the first time.
There is only one month left until BTC’s halving event. While we wait for this historic event, the number of bullish predictions continues to increase. One of these came from Mark Yusko, CEO and CIO of Morgan Creek Capital Management. Yusko points to $150,000 as a price target for 2024. Yusko explained his views on the crypto market and Bitcoin on CNBC’s Fast Money program.
Mark Yusko: Bitcoin is a better form of gold!
Mark Yusko emphasizes the advantages of Bitcoin over other cryptocurrencies. It also draws attention to the value BTC has compared to gold. In this context, Yusko said, “Bitcoin is king. A dominant token. “A better form of gold.” says.
According to Yusko, spot Bitcoin ETFs in America are the primary factor behind BTC’s annual rise. As you may recall, the SEC approved spot Bitcoin ETFs in January. Indeed, these financial products have seen great demand from investors. It recorded significant net inflows in the first two and a half months of operations.
Higher price in the longer term: $700 thousand!
Mark Yusko says there is still more room for growth for BTC. The halving event, which is planned to take place in April, also plays an important role in this view. Yusko said, “The big move takes place after the halving. It starts to become more parabolic towards the end of the year. “And historically, about nine months after the halving, around Thanksgiving and Christmas, we see prices peak before the next bear market.” says.
Looking from a broader perspective, Yusko predicts that BTC could increase its price 10x over the next decade. This means Bitcoin will be worth around $700,000.
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