Mark Yusko: Bitcoin Will Reach $150,000 This Year
Hedge fund manager Mark Yusko is optimistic about Bitcoin’s potential for the year ahead. Speaking on CNBC, the CEO of Morgan Creek Capital Management expressed bullish sentiments towards the cryptocurrency, referring to it as “the dominant token” and “a superior alternative to gold.”
Yusko noted the typical post-halving surge in interest and investment in Bitcoin, often resulting in a valuation around two times its fair value during the cycle. He estimated the fair value for this cycle to be around $75,000, influenced by the halving event but potentially restrained by transaction fees. Despite this, Yusko suggested a potential peak of $150,000 this time due to reduced leverage in the market.
According to Yusko, the price surge typically occurs approximately nine months after the halving, which is slated for around April 20. Following the halving, the daily supply of new coins halves from 900 to 450, leading to increased demand. He anticipates a more exponential rise in price towards the end of the year, historically marking the peak before the onset of the next bear market.
