The head of the investment company Morgan Creek believes that the current price of the first cryptocurrency is not fair, despite expert forecasts about a possible fall in the value of bitcoin below $18,000.
Mark Yusko stated in an interview that the halving of the bitcoin mining reward (halving) will trigger an increase in the price of BTC:
“When the bitcoin market gets to the summer, we will get the next bull trend, and I assume that this will happen in anticipation of the next halving in 2024.”
Yusko argues that the current price of bitcoin is too low, and the “fair value” should be around $30,000. The period of price decline and uncertainty is over, spring has come, and with it the price recovery:
“If you look at the last two cycles, you will see that the number of days of cryptowinter and spring repeats. Spring can last for months, but we don’t need an immediate bull trend.”
Currently, miners receive 6.25 BTC per block, and in 2024 this figure will drop to 3.125 BTC. Yusko is known as a strong supporter of the digital asset sector, especially bitcoin. Last year, he predicted that the price of the asset could soar to $250,000 by 2026.
Yusko previously suggested that BTC’s market cap would equal that of gold, as the expert believes the digital asset has evolved into a “perfect store of value” and is on its way to replacing the precious metal.
At the same time, Dan Morehead, CEO of the crypto fund Pantera Capital, believes that the market is still going through a crypto winter, but the beginning of the liquidation of debtors’ assets will accelerate the fall of the crypto market, and then growth will begin.
Source: Bits
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