“Morgan Creek Digital’s managing partner believes the bottom is in for Bitcoin and it is due for a massive rally in less than a year”–Paul Ebeling
Mark Yusko in an interview with Stansberry Research told host Matt McCall that after nearly 10 months of frustration and financial loss, the crypto winter is finally over with Bitcoin ready to move in about half a yr.
“I think crypto spring is here. We’re still a ways from crypto summer when we get another parabolic move up.
But that will come probably in 6 to 9 months.”
The crypto hedge fund executive looks beyond the fluctuating price charts to emphasize the importance of the blockchain as represented by the original crypto asset.
“Bitcoin is a perfect store of value. It’s basically digital gold. Gold is the only money in the history of the world. Bitcoin is as good as gold. It’s equally scarce, yet it’s more divisible and more portable.”
Mr. Yusko goes on to explain why he’s not worried about the major losses Bitcoin has incurred since late in Y 2021, noting that he believes BTC already hit a cycle bottom at around $17,500 back in the middle of June.
Everything’s down since November because we had these massive liquidations of overleveraged speculation. When you get a margin call, you don’t get to sell what you want to sell. You’ve got to sell gold, bonds and Bitcoin.
The things that [previously] didn’t go down, now go down. So now everything’s going down, correlations go up, but that’s a temporal thing. Now correlations are reversing again.
Last Friday was a good example: Markets were down, Bitcoin was up. Bitcoin’s up a lot since mid-June. That’s when I will say was the bottom, the $17,500 candle (key reversal) that day.
We made a series of higher lows and higher highs.”
At time of writing, Bitcoin is trading for $23,911.23
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Editor’s Note: The market cycle is a naturally occurring phenomenon, attributable to human psychology, and has repeated itself time and time again, though with some variations, in the lives of nearly all market traded instruments. This cycle repeats itself to varying degrees but is fairly accurate in representing the shift between market sentiments of euphoria and pessimism, and an acknowledgment of this natural phenomenon is Key to profiting from any traded instrument, including Bitcoin. My workd show a return to the mean and then all-time highs in here. Tune out fear.
Have a prosperous weekend, Keep the Faith!