2023-8-16 23:34 |
Mark Yusko, the CEO and Founder of $2 billion investment firm Morgan Creek Capital Management, has boldly predicted that the price of Bitcoin could hit six figures within a year.
Making the forecast during a recent interview with Kitco News, Yusko discussed various aspects of the cryptocurrency market, including the regulatory environment and the implications of a potential spot Bitcoin ETF approval on Bitcoin’s price in the coming months.
ETF Approval Likely, but…Yusko acknowledged the growing excitement around the possibility of a spot Bitcoin ETF approval, particularly as major players such as BlackRock, Fidelity, Wisdom Tree, and VanEck have submitted filings for such ETFs. He, however asserted that although there is an impending deadline of August 13th, by which the SEC is required to either approve or reject an application for a spot Bitcoin ETF from ARK Invest, the SEC can extend the deadline.
“There is a fast-approaching deadline that’s getting some attention August 13th this is the date by which the SEC is required to approve or reject Arc spot Bitcoin ETF application but and this is a big but the SEC also has the option to stretch the deadline until as late as January 2024,” he said.
Bitcoin Headed for $100,000As for the price forecast, the billionaire’s analysis relied on Metcalfe’s law, which suggests that Bitcoin’s value grows exponentially with the network’s size. According to him, the law puts Bitcoin’s fair value at $55,000. Furthermore, he predicted that with each halving event, the total value of the network could increase tenfold. He thus stated that he anticipates that the upcoming halving could push Bitcoin even higher.
“So should that spot ETF get approved, and we know we’re going to have the halving in April, you anticipate Bitcoin at between $100,000 and $150,000 by mid-2024,” he said.
Yusko’s predictions come even as Bitcoin struggles to shake off a prolonged consolidation phase that has exerted downward pressure on its price over the past one and a half month. Technically, the $31,000 resistance area has proved challenging to breach, with the cryptocurrency’s volatility tapping a seven-month low.
Nevertheless, the anticipation around a spot Bitcoin ETF approval and underlying solid network fundamentals continue to suggest an enduring interest in Bitcoin, which could help drive higher prices. BTC traded at $29,187 at press time after dropping around 0.1% over the past 24 hours.
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