Thursday, July 25, 2024

Is Bitcoin really overbought? Here’s what Mark Yusko had to say

Mark Yusko, the famous hedge fund manager, recently stated that Bitcoin investors are set to reap the rewards because of the crypto token’s recent rally. According to the CEO and CIO of Morgan Creek Capital Management, many investors think that the value will Bitcoin will soar to $100,000 by the time 2021 comes to an end. He also suggested that according to the stock-to-flow model, the predictions can’t be ruled out.

He also said that a little consolidation wouldn’t surprise him as Bitcoin’s value shot up by 40% in the first 15 days of October. Bitcoin had last surpassed the $60,000 mark in April. However, successive crypto market crashes brought its value down a few times before it started rising again. The reason for the bullish move was the excitement generated by the progress of Bitcoin ETFs.

However, Yusko also advised investors to exercise caution, as he believes that Bitcoin is an overbought cryptocurrency. He also said that taking profits on Bitcoin investments is a temporary affair and that Bitcoin’s value has the potential of hitting the $250,000 mark within the next five years.

He also praised Bitcoin for its finite supply, saying that it’s already known how many Bitcoins will be mined over 140 years. According to Yusko’s estimates, Bitcoin has the potential of matching the market cap of gold over the next 5 years or so. The reason for him thinking as he does is a prediction of long-term deflation. He believes that this scenario needs to be talked about more as the world is facing both a supply chain crisis and coping with inflation spikes.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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