Mark Yusko, managing director of Morgan Creek Capital Management, is optimistic about Bitcoin’s future in 2024. He predicts that BTC could reach $150,000 thanks to the upcoming halving and the rise of Bitcoin spot ETFs. How does the investor see the rest of the year
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Mark Yusko is very optimistic about the future of Bitcoin
Interviewed by CNBC, investor and managing director of Morgan Creek Capital Management Mark Yusko shared his positive predictions for Bitcoin’s price evolution in 2024.
According to him, BTC could go for $150,000 on the one hand thanks to the next halving, but also thanks to the momentum of the various Bitcoin spot ETFs, with the giant BlackRock leading the pack.
At the time of writing, Bitcoin is trading at around $68,700. The king of crypto-currencies and up over 150% in the last 6 months, and surpassed its previous all-time high of $69,044 by going for $73,737 on March 14.
Bitcoin price evolution since the beginning of 2024
According to the managing director of Morgan Creek Capital Management, a US investment management firm, Bitcoin has become a “better form of gold”, and he says investors should have at least 1-3% of their portfolio allocated to BTC.
Bitcoin is king. It’s the dominant token. It’s a better form of gold.
Mark Yusko
Historically pro-Bitcoin, Mark Yusko had already declared in 2019 that we should “take every opportunity to buy Bitcoin”, and he had asserted in 2022 that every investor should have cryptocurrencies in their portfolio.
As part of his CNBC interview, the investor also stated that his company had exposure to shares in Coinbase, the largest cryptocurrency exchange in the US. “We think great things are in store for Coinbase,” he said.
Listed on Nasdaq, Coinbase shares ($COIN) have gained 253% over the past 6 months, more than Bitcoin.
Halving to drive BTC’s evolution in 2024?
The Bitcoin halving is now less than 20 days away. This quadrennial event, which aims to halve the amount of BTC issued for each block mined, is scheduled to take place around April 19.
Historically, halving has always had a positive effect on the Bitcoin price, in the more or less long term.
Thus, according to Mark Yusko, history is set to repeat itself, with Bitcoin’s price set to soar towards the end of the year. However, this rise should be followed by a bear market, according to the investor.
After halving, you get a lot of interest in the asset, a lot of people get in for fear of missing out, and we normally go up to about 2 times fair value in the cycle. The big move comes after halving. It starts to become more… parabolic towards the end of the year. And, historically, about 9 months after halving, so somewhere around Thanksgiving, Christmas, we see the price peak before the next bear market.
Mark Yusko
A major event to be paralleled by the appeal of Bitcoin spot ETFs, launched last January and a big hit with US investors. At the time of writing, issuers of spot Bitcoin ETFs hold over $59 billion in BTC, or more than 4.25% of the supply.
