As April begins, Bitcoin (BTC) remains in a phase of consolidation, staying under the $72,000 mark, while the crypto community eagerly anticipates the upcoming halving event, slated to happen in just 19 days.
TradingView’s data highlighted a failed effort by bulls on Sunday to breach the $71,500 resistance level, only for bears to forcefully push Bitcoin’s price below $69,000 in Monday’s early hours. However, a rebound was orchestrated by the bulls, stabilizing the downturn.
At the moment I write this article, Bitcoin’s value is at $68,835, marking a 2.35% decrease over the past 24 hours.
Past Trends Show That $150k Mark Is Possible
Despite Bitcoin’s struggle to surpass its all-time high from the previous month, Mark Yusko, the CEO of Morgan Creek Capital Management, projects a significant surge to $150,000 post-halving, drawing from the cryptocurrency’s past trends.
In his conversation with CNBC, Yusko highlighted the pattern of increased interest and investment following halving events, often leading to prices reaching twice their fair value.
He recalled the last cycle’s dynamics, where the fair value was pegged at $30,000, with the peak reaching nearly $68,000 to $69,000. Yusko attributes the potential for reaching $150,000 this cycle to reduced leverage in the market.
Yusko further explained his optimistic forecast, pointing out that the halving event would slash the daily production of Bitcoin by half, from 900 to 450 coins, amid already high demand, particularly from spot Bitcoin ETFs.
This imbalance between supply and demand, according to Yusko, is a recipe for a price increase, underscoring the intrinsic value dynamics of Bitcoin post-halving.
According To The CEO, Bitcoin Will Begin To Climb Up Several Months After The Halving
Mark Yusko suggests that investors should diversify their portfolios by incorporating Bitcoin, advocating for an allocation of 1% to 3%. He emphasizes Bitcoin’s superiority, comparing it to an enhanced version of gold due to its dominant position and intrinsic value.
Yusko is optimistic about Bitcoin’s future, projecting a potential tenfold increase in value within the next decade.
He points out that Bitcoin’s price typically starts to surge a few months following a halving event. Based on historical patterns, Yusko predicts a significant price rally post-halving, with the market turning increasingly bullish towards the year’s end, peaking around the holiday season before entering the next bear phase.
Morgan Creek Capital, under Yusko’s guidance, is strategically positioned for the bull market, allocating 80% of its investments to private equity and the remaining 20% to highly liquid cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Avalanche (AVAX).
Looking ahead, if Bitcoin replicates its previous cycles, a new peak is expected in 2025. However, analysts at 21Shares speculate that the upcoming cycle might deviate from past trends, potentially triggering an earlier rally. This speculation is grounded in the recent introduction of spot Bitcoin ETFs in the U.S., a development that could alter the traditional halving cycle dynamics.
