A new growth phase for Bitcoin (BTC) will start in 2024, says Marc Yusko, CEO of Morgan Creek fund. The key event will be halving (miner reward reduction). This event will happen in two years.
Yusko recalled that after the May halving of 2020, bitcoin came out of a protracted phase of consolidation and began to show aggressive growth. The coin was able to achieve peak values in 2021.
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The current price of the cryptocurrency is too low. According to the CEO of Morgan Creek, the fair rate of BTC should be in the region of $30,000.
The period of uncertainty in the global market is coming to an end
The arrival of spring is inevitable, and after that, the capital should again go into the crypto sphere.
There is no need for a quick transition into a bullish phase. It could last several months, Yusko believes. After spring, summer begins. The starting point will be the 2024 halving, which reduced the miner reward from 6.25 BTC to 3.125 BTC per block.
The CEO of Morgan Creek last year predicted a rise in bitcoin to $250,000. According to the head of the fund, the cryptocurrency should achieve such results by 2026.
The course of bitcoin and other cryptocurrencies has been correlated with the monetary policy of the US Federal Reserve in recent years, and the quantitative easing of the regulator after the start of the coronavirus pandemic in 2020 created a favorable investment environment in which both stocks and cryptocurrencies grew. But quantitative tightening triggers the reverse process.
The cost of bitcoin at auction on August 2 fell below $23,000. Following bitcoin, the price minimum was updated by the second cryptocurrency, Ethereum, which dropped to $1,600.