With a 25% increase in its value, the cryptocurrency market has seen a resurgence. It has now surpassed the $1 trillion mark for the first time since November 2023. Market sentiment is being fueled by the anticipation of the 2024 Bitcoin half. Limiting Bitcoin’s supply would be against the traditional monetary system that relies on fiat currencies, such as U.S. dollars.
To issue a dollar under the gold standard, the U.S. government used to require a certain amount of gold.
With the growing interest in Bitcoin, pre-launch trading activity and prominent investors like Mark Yusko at Morgan Creek are revealing new Bitcoin outlooks.
Bitcoin Outlook by Mark Yusko
Morgan Creek founder Mark Yusko (BTC) may be in the midst of a trend shift, as it prepares to halve its value by 2024, according to him.
Yusko has just recovered $18,000 in price and explained in a new Crypto Banter interview why Bitcoin may be in a sideways accumulation period.
Based on the halving cycles, he believes that BTC is close to a new bullmarket.
He also stated that the asset dropped from $18,000 down to $15,000, then it rose back to $18,000. In spite of making the correct cup and handle design, the spring is actually flat.
According to his perspective, the fun times begin quickly and the big celebration starts in the summer of 2023.
He explained that the spring is flat, but there’s a lot of volatility. This is what is key. Summer will be the time when things get exciting. This is nine months ahead of the halving.
Based on his forecasts, he explained the reasons why Bitcoin is an appropriate investment in this market environment. He stated that the halving would take place in March 2024. This will lead to a reduction in incentives for Bitcoin miners by a factor of half. An industry veteran said the incident “guarantees” that BTC’s price will rise.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
