Bitcoin has dropped below its crucial price range of $24,000 and is trading at $23,693, at the time of reporting. The currency has plunged by 3.78% over the last 24hrs.
Although market sentiments were highly positive for the last few days, the BTC pulldown has led to dampened spirits- bringing up the major question “Are the bears taking over yet again?”
Meanwhile, Mark Yusko, managing director at Morgan Creek, believes that Bitcoin has already hit the bottom and will see a bull run within a year.
In a recent conversation with Stansberry research’s host Matt McCall, Yusko claims that there has been a sense of frustration and financial loss surrounding the crypto space for almost ten years. He went on to say that it appears as if the “crypto winter” is finally settling after Bitcoin gears up for a rally in the near future.
The expert asserts that the crypto spring has arrived and the crypto summer is likely to arrive in six to nine months.
The crypto hedge fund executive stressed on the importance of the flagship currency’s blockchain.
Bitcoin Is “Digital Gold”
The analyst went on to say that Bitcoin is a store of value and is a form of “digital gold”, as the asset is scarce, divisible and portable.
The strategist approached the situation calmly, and commented that it has already dropped to the lowest level of $17,500.
He pointed out how everything around the crypto space had been gloomy since November 2021, with massive liquidations taking over the overleveraged speculations. He feels now the correlations are flipping.
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Source: https://coinpedia.org/bitcoin/mark-yusko-crypto-winter-is-over-bitcoin-bull-run-approaching/