The leading crypto Bitcoin fell below $ 30 thousand after a short-term rally. However, cryptocurrency billionaire Mark Yusko predicts that the Bitcoin rally will lead to a “speculative boom peak” in 2024.
“ Fair value for the leading cryptocurrency is around $55,000.”
According to Mark Yusko of Morgan Creek Capital, BlackRock’s spot Bitcoin ETF filing has kicked off the next Bitcoin bull run, which will culminate in a speculative parabolic run in 2024. According to Yusko, BlackRock’s application sparked the start of a new crypto bull market. The halving event scheduled for April 2024 will also play an important role in this. In this context, Yusko makes the following statement:
According to Metcalfe’s law model, the fair value for Bitcoin is around $55,000. That’s why I think we’re going to rise to that level.
BlackRocks’ Bitcoin ETF application will get approval and then…
Mark Yusko suggests that after this, speculators will enter the market en masse. Thus, its price will go beyond its fair value to reach an all-time high. “Probably in 2024 we will experience a speculative boom peak. This will lead to the next downturn and the next crypto winter,” he predicts.
Yusko is extremely confident that BlackRocks’ Bitcoin ETF application will be approved by the Securities and Exchange Commission, thereby becoming one of the catalysts for the next parabolic bull run. He expresses his views on this matter as follows:
I think this is a completed deal. I think it’s a deal that’s been done for years. They were just waiting for the right time.
BTC price dropped below $30,000, Why?
Bitcoin’s price dropped below $30,000 on Tuesday, a combination of factors affecting the crypto’s performance. At press time, the leading crypto was trading at $29,747, down 0.67% on a daily basis. While the bulls focus on three key prospects for long-term holding and accumulation, including the Bitcoin halving event, the potential confirmation of spot Bitcoin ETFs, and speculation of a rate cut next year, one analyst believes the downward pressure is catalyzed by the possible sale of the US government’s confiscated Bitcoin stash. .
cryptocoin.com As you follow, on July 12, the US Department of Justice transferred $300 million worth of BTC to new addresses in two transactions. This led to various speculations. Independent digital asset analyst Konstantin Anissimov comments:
I think this price drop is mostly due to the fact that futures prices are showing signs of decline and the news that the US government is preparing to sell $300 million worth of bitcoin. I believe the market expects this to happen very soon. The total daily volume traded in Bitcoin is currently less than $2 billion. My assumption is that some of this is ‘wash trading’. Hence, a $300 million Bitcoin sale would result in a negative price action.
However, the analyst expects any decline to be short-lived. He predicts a price correction will follow.
