Hedge Fund Says “Crypto Winter is Over” The Next Rally Could Be a “Face-Melter”
Mark Yusko, founder, and CEO of Morgan Creek Capital Management believes the worst of the Bitcoin bear market is over. In fact, he believes crypto winter itself is over, and crypto spring is, well, springing.
In his most recent appearance on Thinking Crypto, a YouTube channel dedicated to the cryptoverse, Yusko said digital asset values may still go lower, but the likelihood the market has bottomed is pretty good, and a new bull cycle could soon begin.
He said, “I actually do believe crypto winter is over. I believe we’re in crypto spring. I believe we have seen the bottom.”
When speaking about Bitcoin’s price and the US money supply over the past two years, Yusko said, “We printed half of the money that’s ever existed in our republic in 246 years. Which means a store of value (Bitcoin), should have gone up by 100%, right?…
“If you devalue the currency by 50%, the value of the store of value should go up 100%. Bitcoin, over the last two years is up exactly 100%.”
He went on, “The value of the network today is around 30,000. We got to 67, that was too high. Now we’re at 20, that’s too low. We’ll go back to 30 and then we’ll start the whole process all over again.
Should Yusko be correct in his “reset” price target of $30k, Bitcoin would rally 50% from its current levels.
Last October, Yusko was interviewed by CNBC where he made several bold Bitcoin predictions.
He told the host, “It’s classic supply and demand. One of the nice things about bitcoin as an asset is it has a finite supply. We know every day for the next 140 years how many bitcoin will be minted through the mining process.”
In that interview, he pegged Bitcoin at $250K in five years (four years from now, 2026).
Of course, that was before the massive inflation and subsequent Fed rate hikes began crippling both the stock markets and crypto markets. But this doesn’t mean his prediction for BTC at $250K will be wrong by 2026.
Yusko believes that the Fed will have to pivot from its current interest rate trajectories, which could lead to a massive rally for crypto.
He told Thinking Crypto, “I think we’re in a recession. I think because of that, the Fed will reverse. When they reverse, we’re going to have a face melter of a rally…
“I mean a face melter because the shorts are going to get scorched and the amount of shorts in crypto is massive.”
Should the prediction of BTC $250k Yusko made last year come to fruition by 2026, Bitcoin would rise 1,150%
See the full Mark Yusko interview on Thinking Crypto, HERE