The cryptocurrency market has rekindled with a 25% increase in valuation, surpassing the $1 trillion mark for the first time since November 2023. The anticipation for the upcoming 2024 Bitcoin halving is fueling market sentiment, as limiting the supply of Bitcoin goes against the traditional monetary system based on fiat currencies like the U.S. dollar.
With the gold standard, the U.S. government once required a certain amount of gold to issue a dollar.
The growing interest in Bitcoin is evident with the pre-launch trading activity, and well-known investors like Mark Yusko of Morgan Creek are releasing new Bitcoin outlooks.
Bitcoin Outlook Addressed by Mark Yusko
Mark Yusko, founder, and chief investment officer at Morgan Creek, recently stated that Bitcoin (BTC) could be in the midst of a trend shift as it prepares for the 2024 halving.
Yusko just recovered the $18,000 price level and explained in a new ‘Crypto Banter’ interview that Bitcoin may already be in a sideways accumulation period.
Based on the halving cycle, he is also of the opinion that BTC is getting closer to a new bull market.
He further added that the asset dropped from $18,000 to $15,000, and then it rose to $18,000 again. Interestingly enough, if you consider the four-year cycle, spring is essentially flat, despite the fact that we built the proper cup and handle design.
According to his outlook, the fun days start shortly and the big party starts in the summer of 2023.
The spring is flat, but there is a lot of volatility, he continued, so that is the key. Things will start to get exciting when summer arrives, which typically begins in April or May, nine months before the halving.
On the basis of his forecasts, he explained why Bitcoin is such an important investment in the current market environment. According to him, the halving will take place in March 2024 and will result in a reduction of the incentives that are distributed to Bitcoin miners by a factor of the half. According to the veteran of the hedge fund industry, the incident “guarantees” that the price of BTC will increase.
Source: https://coinpedia.org/bitcoin/bitcoin-bull-market-is-coming-morgan-creeks-founder-predicts-positive-outlook/