As a seasoned investor with over two decades of experience in the financial markets, I must admit that Mark Yusko’s predictions have always piqued my interest. His latest prediction about Bitcoin reaching six-digit territory within a month seems audacious, but not entirely implausible given the current market dynamics.
Mark Yusko, CEO and CIO at Morgan Creek Capital Management, believes that the price of Bitcoin could potentially reach six-digit territory within a month. During a recent appearance on Paul Barron Network, Yusko stated that the largest cryptocurrency could go right through its “fair value”
When prices begin to increase, a common human response is to follow the trend, which we refer to as chasing momentum. This influx of momentum followers can further drive up the price, leading to what I like to call the ‘Thanksgiving effect.’ I believe that this Thanksgiving will be exceptional.
According to Yukso, the network value stands at the higher range of the $50,000 level.
Typically, we see a substantial increase from around 50,000 dollars up to more than 100,000 dollars. However, this time I believe it’ll rise from the 50,000 dollar mark to the 80,000 figure that’s being discussed. But that’s a reasonable valuation. The realistic value will likely be in the 80,000s. Nevertheless, we are expected to surpass this estimated value.
Based on Yusko’s assertion, Bitcoin might experience an upward trend due to the optimistic conversations about it during Thanksgiving celebrations.
He has predicted that a parabolic move could take place between Thanksgiving and December.
On Tuesday, the cost of Bitcoin peaked at a significant level not seen for several months, reaching approximately $73,562, as per data from CoinGecko.
However, the cryptocurrency has since given up some gains, currently changing hands at $71,894.
Earlier on, Yusko forecasted a possible value of $400,000 for the top cryptocurrency.
In an interview with CNBC back in March, I expressed my belief that Bitcoin could hit the $150,000 mark by the end of this very year.
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2024-10-30 19:39