Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
Mark Yusko, the CEO and founder of Morgan Creek Capital, has predicted that Bitcoin (CRYPTO: BTC) could reach a staggering $150,000 by the middle of next year.
During an interview with crypto influencer Scott Melker last week, Yusko spoke about the potential for the cryptocurrency to double its fair value, which he suggests could be around $75,000 to $80,000 this bull cycle, due to network effects and increasing user and miner numbers.
“It’s possible that Bitcoin’s fair value only goes to $75,000 or $80,000 during this bull cycle. Let’s just say $75,000.
So then the investors have been buying all this time up to fair value. Now we have new people, we have traders, we have speculators because the hedgers are selling — the gamblers haven’t even shown up yet," he said.
Yusko said he anticipates that new investors, traders, and speculators, combined with a decrease in leverage, could propel Bitcoin's price to twice its fair value, hitting the $150,000 mark between Thanksgiving this year and June of the following year.
Also Read: Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin
"I don’t think we’ll go 2.3 times this cycle because I think there’s less leverage. I think we go 2x fair value, that’s $150,000. So, sometime between Thanksgiving this year and June of the following year, we see the new all-time high,” the hedge fund veteran added.
However, despite this optimistic outlook, Yusko warned of a severe correction for Bitcoin and other cryptocurrencies before reaching new all-time highs.
He predicted a "crypto fall" and a significant selling wave before the market rebounds, influenced by factors such as the upcoming Bitcoin halving and seasonal selling patterns.
Yusko said, “We haven’t even gotten to crypto fall. That doesn’t happen till June. The halving is still yet to come, and we have one more. Let’s call it SpaceX-like explosion that was planned after the Ides of March before tax season this year. There’s one more selling wave that’s coming.”
At the time of writing, Bitcoin was trading at $51,676.63, up by 7 percent in the last seven days.
Now Read: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.