Bulletpoints:
• The cryptocurrency market recently surpassed the $1 trillion mark, fueled by anticipation surrounding the upcoming 2024 Bitcoin halving.
• Mark Yusko, founder and chief investment officer at Morgan Creek, believes that Bitcoin may be in the midst of a trend shift as it prepares for the halving and could be entering a sideways accumulation period.
• Yusko is of the opinion that BTC is getting closer to a new bull market and suggests that spring may be flat despite building a proper foundation for summer.
The cryptocurrency market has recently been rekindled with a 25% increase in its overall valuation, surpassing the $1 trillion mark for the first time since November 2023. This surge in market sentiment is largely attributed to the upcoming 2024 Bitcoin halving, which will reduce the circulation supply of Bitcoin, going against the traditional monetary system based on fiat currencies such as the U.S. dollar.
The growing interest in Bitcoin is evident with the pre-launch trading activity, and well-known investors like Mark Yusko of Morgan Creek are releasing new Bitcoin outlooks. Yusko recently addressed the Bitcoin outlook in a new ‚Crypto Banter‘ interview, where he suggested that Bitcoin may already be in a sideways accumulation period, preparing for the 2024 halving. Yusko noted the asset dropped from $18,000 to $15,000, and then rose to $18,000 again.
He believes that this could indicate that Bitcoin is getting closer to a new bull market, and suggests that spring may be flat despite building a proper foundation for summer. In addition, Yusko believes that the halving cycle could also be indicative of a trend shift for BTC. He believes that this shift will bring about a new bull market, as the market capitalization of the asset continues to rise.
The anticipation for the upcoming halving has certainly been reflected in the market, as investors continue to flock to the asset in the hope of reaping the rewards of the halving cycle. It remains to be seen how the market will react to the halving, but with the pre-launch activity already indicating a positive sentiment, it is certainly possible that a Bitcoin bull market is on the horizon.