Bitcoin bull Mark Yusko sees trouble at $60,000, says it’s overbought
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Pullback Watch: A Bitcoin bull.
Mark Yusko, a manager of a hedge fund believes that investors will reap the benefits from the sharp rise in cryptocurrency over the past few weeks.
Many people believe we can hit $100,000 this year. Morgan Creek Capital Management’s CEO and CIO stated that stock should flow.Trading Nation” Friday. A little consolidation wouldn’t surprise me either. “Look, we are up 40% for this month. This is only 15 days.
Bitcoin crossed the $60,000 markFor the the first time since AprilFriday. On Friday, the bullish movement was driven by excitement progress on bitcoin ETFs
Yusko stated, as Morgan Creek Digital’s managing partner, “We’ve always been bullish about cryptocurrency and Bitcoin in particular for a while.”
He is questioning whether the performance was sustainable.
Yusko stated, “An unexpected pause to refresh given the overbought state we’re in right now would be surprising me.” There is a risk that the “buy the rumor and sell the news” strategy will fail.
Bitcoin: $250,000
Any profit-taking would be temporaryYusko said so. Yusko’s call is for bitcoin to hit $250,000 in five years
It’s a classic supply-demand relationship. He said that bitcoin is an asset with a finite supply. We know each day over the next 140 years the number of bitcoins that will be produced by the mining process.
In five years, Yusko estimates bitcoinMarket Cap will determine the value of your stock. gold
Bitcoin is replacing gold, according to Yusko. Yusko noted that it’s digital gold now. It’s an ideal store value.
He also cites the possibility of long-term deflation predictions as part of his argument. As the world faces inflation spikes, and an escalating supply chain crisis, it’s not something that is often discussed.
Yusko believes that rising prices are a reaction to global Covid-19 economic locking downs.
He stated that “the likelihood of us having a full-on inflationary period is really, really low.” Normal is that the world is in a spiral of deflationary decline. This has been happening for several decades.”
As major catalysts, he cites the growing population as well as massive virus aid efforts.
We have a bad population, with too many people approaching retirement age. Yusko stated that we have too many debts. Yusko stated, “All of this leads to deflation.”
Disclosure: Yusko is the owner of Bitcoin, Ethereum, Gold, and Coinbase shares.
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