Bitcoin’s Next Bull Run to Come in 2024, Predicts Morgan Creek’s Mark Yusko
Mark Yusko – an American investor and CEO of Morgan Creek Capital Management – believes bitcoin will enter its next bull run sometime in 2024. The main reason for that will be the surging enthusiasm among investors prompted by the BTC halving.
In addition, he argued that the current price of the primary cryptocurrency is too low, thinking its “fair value” should be around $30,000.
Winter Is Over, Welcome Spring
Bitcoin’s price exploded in 2021 as it surpassed $60,000 in April and recorded its all-time high of almost $70,000 in November. Ever since that peak, though, the asset reversed its trajectory and lost well over 50% of its value.
Fueled by adverse macroeconomic conditions and global financial crises, BTC dipped to under $18K in June. In fact, Q2 2022 was the worst-performing quarter in about a decade.
All these negative events, combined with the diminishing interest from investors, caused numerous experts in the field to opine that crypto winter reigns across the space.
In a recent interview, Mark Yusko – the man in charge of Morgan Creek Capital Management – claimed that this period of price declines and uncertainty is over. In his view, spring has come and, with it, a recovery for bitcoin’s price:
“So I will argue that spring has sprung. If you look at the last two cycles, we are the same number of days into that cycle where spring began, and winter ended. Spring could last months. We don’t have to have an immediate bull market.”
Specifically, Yusko predicted that the transition to crypto summer will come in 2024, when the next BTC halving will occur:
“Then when we get to summer, that’s when we’ll get the next speculative move, and guess is that will come in anticipation of the next halving in 2024.”
The halving is an event occurring every roughly four years and reduces the speed of creating new bitcoins by slashing in half the block rewards. Miners currently receive 6.25 BTC per block, and the number will drop to 3.125 BTC in 2024.
The event is considered highly bullish since it reduces the speed at which new coins are produced. At the same time, if the demand remains the same or increases, basic economic principles dictate that the asset’s value should rise as well.
BTC Marching to $250K?
Yusko is known as a solid supporter of the digital asset sector, especially bitcoin. Last year, he forecasted that the asset’s price could skyrocket to 250,000 by 2026. Nonetheless, he outlined that a bumpy ride will accompany this surge. Considering the ongoing bear market, Yusko’s assumption sounds quite accurate.
He also envisioned that BTC’s market cap will equal that of gold since he believes the digital asset has turned into a “perfect store of value” and is on its way to replacing the precious metal.
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