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Morgan Creek Capital CIO Mark Yusko says Bitcoin (BTC) may be on the verge of entering a new bull market.
In a new interview with popular crypto analyst Scott Melker, a hedge fund veteran To tell He believes the lead-up to Bitcoin’s halving event is likely to ignite bullish price action.
“But I would argue that spring, summer, is just around the corner. My guess is May or June, nine months before the halving. And you’re right.”
According to Morgan Creek Capital executives, crypto spring is mostly range-bound and summer represents a bullish period.
Yusko also said that Bitcoin price will likely react to the halving. Scheduled for April 2024, the halving will see a BTC miner’s reward halved every four years.
Yusko says.
Reducing block rewards every four years is hard-coded into Bitcoin. Reducing block rewards would theoretically put a large number of miners out of business unless the price is adjusted. And price adjustments create movement.
Bitcoin is trading at $22,356 at the time of writing.
He also said that Bitcoin’s fair market value is not derived from the same factors as traditional asset pricing. He says traditional assets are much more correlated with GDP growth, interest rates and the economy than Bitcoin.
Bitcoin is the most uncorrelated asset I have ever seen in my career.
Yusko continues to criticize the meme token Dogecoin (DOGE), arguing that it has no real use case and therefore should be worthless.
Speculative nonsense like dogecoin, why does it exist? I can’t do that because it’s going to be stupid.
“No, it’s not.”
Dogecoin is worth $0.0769 at the time of writing.
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