While Bitcoin and the whole crypto market is facing a bearish pull off, Mark Yusko, managing director at Morgan Creek, believes that Bitcoin price will form a new bull market again.
In conversation with Stansberry Research, Yusko said that currently, bitcoin is making very high lows and higher highs. This is because the currency’s recent price action is pointing to the formation of a bottom.
As per the expert, Bitcoin has already formed three higher lows. The first was when the asset hit $17,500, then it surged before dropping around $18,000. Next it again saw a spike prior falling at $19,000, then Bitcoin was up again before finally landing nearer to $20,900.
Yusko previously claimed that the asset would make three higher lows and three higher highs if bitcoin breaks $20,900. He also says that this is a very good bullish trend.
Meanwhile, the executive also acknowledges the fact that Bitcoin does experience a few unproven phases.
Bitcoin Price To See A Bull Run Soon
Yusuf is of the opinion that at present the dominant currency is in the spring season as the winter phase has ended. Therefore, he further added that Bitcoin is preparing for the upcoming bull run in the summer cycle, which is about to form just before the next halving. The next stop is scheduled for the middle of 2024 or earlier.
The strategist further argues that when the previous two cycles are considered, the market is in the same days where the spring cycle started while the winter phase saw its end.
Proving his stance, Yusuf claims that we do not have an immediate bullish trend as the spring cycle has started. However, once the market enters the summer phase, experts believe that Bitcoin and the crypto market as a whole will rally.
