• The cryptocurrency market has surpassed the $1 trillion mark for the first time since November 2023, due to anticipation for the upcoming 2024 Bitcoin halving.
• 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 believes that BTC is getting closer to a new bull market, as the asset dropped from $18,000 to $15,000, and then rose to $18,000 again.
The cryptocurrency market has recently seen a significant surge in valuation, surpassing the $1 trillion mark for the first time since November of last year. This surge may be attributed to the anticipation for the upcoming 2024 Bitcoin halving, which limits the supply of Bitcoin and goes against the traditional monetary system based on fiat currencies like the U.S. dollar. Pre-launch trading activity is further demonstrating the growing interest in Bitcoin, leading well-known investors to release new Bitcoin outlooks.
One notable investor is Mark Yusko, the founder and chief investment officer of Morgan Creek. In a recent ‘Crypto Banter’ interview, Yusko explained that Bitcoin may already be in a sideways accumulation period as it prepares for the 2024 halving. He believes that this could indicate that BTC is getting closer to a new bull market, as the asset recently dropped from $18,000 to $15,000, before rising back up to $18,000 again.
Furthermore, Yusko believes that the four-year cycle indicates that spring is flat, despite the fact that we have built the proper conditions for a bull market in the second half of the cycle. He also noted that Bitcoin has not reached the $20,000 level, which is a critical resistance point.
Yusko concluded that the market is entering an accumulation period, and he believes that a new Bitcoin bull market is coming. He also noted that the halving is a key factor in this, as it could lead to an increase in demand as well as a decrease in supply.
In addition, Yusko emphasized that investors should focus on understanding Bitcoin’s long-term potential, rather than trying to predict short-term price movements. He believes that Bitcoin has the potential to be a major asset class, and it is important for investors to understand its potential before investing.
Overall, the anticipation for the upcoming 2024 Bitcoin halving is fueling market sentiment and leading well-known investors to release new Bitcoin outlooks. Mark Yusko of Morgan Creek believes that BTC is getting closer to a new bull market, and he believes that the halving could lead to an increase in demand as well as a decrease in supply. He encourages investors to focus on understanding Bitcoin’s long-term potential in order to make informed investment decisions.