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S&P500 hits a new all-time high!
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Mark YuskoThe CEO and founder of Morgan Creek Capital predicted: Bitcoin (Crypto: BTC) could reach a staggering $150,000 by the middle of next year.
During an interview with a cryptocurrency influencer Scott Melker Last week, Yusko talked about the potential for the cryptocurrency’s fair value to double, saying that network effects and an increase in the number of users and miners could mean it could reach around $75,000 to $80,000 in this bull cycle. he suggested.
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“During this bull cycle, the fair value of Bitcoin may only go up to $75,000 or $80,000. Let’s say $75,000.
In other words, investors have been buying up to fair value all along. “Now there are new people, more traders, hedgers are selling, so there are speculators, but the gamblers haven’t appeared yet,” he said.
Yusko said new investors, traders and speculators, combined with reduced leverage, will push the price of Bitcoin to double its fair value between Thanksgiving of this year and June of next year, reaching the $150,000 level. He said he expected it to reach .
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“I don’t think we’ll get 2.3x this cycle because I think the leverage is low. I think the fair value will be 2x, or $150,000. So somewhere between Thanksgiving of this year and June of next year. , we’re going to see new values ’at all-time highs,”’ the hedge fund veteran added.
However, despite this optimistic outlook, Yusko warned that there will be a serious correction before Bitcoin and other cryptocurrencies reach new all-time highs.
He predicted a “crypto sell-off” and a significant wave of selling before the market recovers, influenced by factors such as the upcoming Bitcoin halving and seasonal selling patterns.
Yusko said: “We haven’t reached the crypto fall yet. That won’t happen until June. The halving is still a long way off, but there’s one more thing to do. Let’s call it a SpaceX-like explosion. Another wave of selling is coming.”
At the time of writing, Bitcoin was trading at $51,676.63, up 7 percent over the past seven days.
Read now: Bitcoin is poised to explode by more than 400%, says crypto analyst
Photo: Shutterstock
S&P500 hits a new all-time high!
Over 30,000 investors trust our exclusive reports for cryptocurrency insights, 3 new stock ideas, and in-depth analysis. Get your report now!
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