CEO and founder of Morgan Creek Capital Mark Yusko says that the Bitcoin (BTC) bull market is just getting started.
In an interview on The Wolf of All Streets YouTube channel, Yusko says that Bitcoin could hit a six-figure price by mid-next year, a figure he notes will double BTC’s fair value.
According to Yusko, the fair value of Bitcoin is estimated based on its network effects or the number of BTC users and miners.
Says Yusko,
“It’s possible that [Bitcoin’s] fair value only goes to $75,000 or $80,000 [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.
Once they show up and once the leverage starts, then we go right through fair value, so right past $75,000. In history, we go to 2.3x…
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, that’s when we see the new all-time high.”
The hedge fund veteran, however, says that Bitcoin and other crypto assets are likely to undergo a severe correction between now and a new all-time for BTC.
“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.”
Bitcoin is trading at $52,018 at time of writing.
Generated Image: DALLE3