Morgan Creek Digital‘s managing partner, Mark Yusko, thinks that the bottom price for Bitcoin (BTC) is already coming and a big rally will happen in less than a year.
In a new interview with Stansberry Research, Yusko told host Matt McCall after nearly ten months of disappointment and financial loss. crypto winterHe stated that he thinks that the coin is now over and that the leading cryptocurrency Bitcoin is ready to move in about half a year.
“I think we got through the crypto winter and I think the crypto spring is here. I think a crypto summer may come when we see another parabolic move. However, this parabolic rally is likely to take place in six to nine months.
“bitcoinI think it’s an excellent store of value. It basically works as a digital gold. Gold is the only money in the history of the world. Bitcoin is as good as gold. Equally scarce, but more divisible and portable.”
Yusko also made it clear that he is not worried about the losses that Bitcoin has suffered from the end of 2021, and states that he believes BTC reached a cycle bottom around $17,500 in mid-June.
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“Things have not been going well since November as we’ve had massive liquidations triggered by over-leveraged speculation. When you receive a margin call, you cannot sell what you want to sell. You need to sell gold, bonds and Bitcoin.
Things that were not depreciating before are now falling. So now everything goes down, correlations go up, but that’s temporary. Now the correlations are reversing again.
Last Friday was a good example of this: Markets fell, Bitcoin rose. Bitcoin has soared since mid-June. That’s when I’m going to say that the $17,500 candle was the bottom that day. We have already seen a series of higher lows and higher peaks.”
How do you interpret the comments made by the hedge fund manager? Do you think Bitcoin will continue to rise or will it continue to move in search of a new bottom? Your opinion is important to us.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.