Founder and Chief Executive Officer (CEO) of Morgan Creek Capital Management, Mark Yusko has predicted a massive price increase for Bitcoin during the 2024 bull cycle. Emphasizes The enormous potential of Bitcointhe hedge fund manager has crowned it the unparalleled ‘king’ of digital assets.
Price target of $150,000 set for BTC
Yusko appeared in a recent interview with CNBC Television on March 27 shared a bold prediction of Bitcoin, predicting that the cryptocurrency will see a significant increase to $150,000 by 2024.
When asked why he believes the cryptocurrency would have such an astronomical price increase, Yusko mentioned the consequences of the upcoming Bitcoin halving and Spot Bitcoin Exchange Traded Fund (ETF), about the price of BTC. The hedge fund manager has revealed that historically after a BTC halving cycle completes, the fair value of the cryptocurrency rises.
He explained that when the The upcoming 2024 Bitcoin halving will take place in AprilBTC miners will face challenges, with transaction fees increasing, pushing the price to $75,000.
After the Bitcoin halvingThe cryptocurrency is expected to rise twice its fair value to $150,000. The hedge fund manager mentioned factors such as increased interest from investors and Fear of Missing Out (FOMO) as triggers for this price spike.
Yusko also revealed that after the Bitcoin halving, there would be a surge in demand for Spot Bitcoin ETFs, while the supply of new coins would decrease from 900 BTC to 450 BTC per day. “If there is more demand than supply, the price must rise,” said the hedge fund manager.
The asset management CEO has expressed a strong belief in BTC value as one of the world’s leading digital assets. He predicts that the cryptocurrency will “easily” skyrocket by a factor of 10 over the next decade.
“Bitcoin is the king, it is the dominant token. It is a better form of gold or digital ownership. And I think this will be the best,” Yusko said.
Bitcoin Price Top Expected by the End of the Year
Yusko predicted that during his interview Bitcoin could reach its peak price value by the end of 2024. The hedge fund manager revealed that BTC historically, nine months after a Bitcoin halving, sometime in December, was a peak value reached before entering the next bear market.
During this time, the investment management CEO has stated that smaller crypto projects have the potential to experience significant increases, surpassing BTC’s gains. He has revealed several altcoins and investment assets that his company, Morgan Creek Capital Management, typically purchases, and HODLs, including SolanaAvalanche and Coin base.
BTC bulls and bears vie for control | Source: BTCUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.