Hedge Fund Veteran Mark Yusko Predicts ‘Face-Melter’ Crypto Rally, Says Bitcoin Has Bottomed Out
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
Mark Yusko, founder and CEO of Morgan Creek Capital Management, believes that crypto has already seen the worst of the bear market when Bitcoin (BTC) fell near the $17,000 level this month.
In a new interview on the Thinking Crypto YouTube channel, Yusko says that the price of digital assets may still fall amid a sell-off with a lot of hyped proof-of-stake mergers for Ethereum (ETH).
A hedge fund veteran says the crypto market has bottomed out and is now headed for the next bull cycle.
“I truly believe that crypto winter is over. I believe we are in crypto spring. I believe we have seen the bottom.
That doesn’t mean we can’t test it again. It doesn’t even mean that we can’t go a little bit lower, but I really think that the cathartic release of Bitcoin’s leverage happened and I think we have a little bit of a continuation to buy here. rumor, sell news of the merger.
I think a lot of people thought that when the merger happened, suddenly everyone was going to buy Ethereum.
Yusko says that even if the Federal Reserve decides to continue raising interest rates, it will have a limited impact on global prices as recession hits nations worldwide.
“My personal belief is that we are in a recession. It’s a shallow sort of 2001 recession, not a depression. I think the Fed could tighten up and break things, but here’s the thing, how many Fed hikes is going to change the price of wheat from Ukraine? It doesn’t matter, does it? It has nothing to do with it.
How many rate hikes will change the price of natural gas from Russia to Europe? No problem, you can hike 50 times, it won’t change the price of gas. They are not going to lower the price of gas because they got you over the barrel.
How many rate hikes will it take to change the Zero-Covid policy in China and fix the supply chain so I can actually trade in my car and get a new Kia?
Yusko says that if the Fed reverses its current interest rate stance, the move could be bullish for crypto.
“I think we’re in a recession. I think that’s why the Fed will reverse. When they reverse, we’re going to have a face melter of a rally. I mean face melter because the shorts are burning and the amount of crypto shorts is huge.”
Check price Take action
Follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trades are at your own risk, and any losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/NeoLeo/Andy Chipus