Morgan Creek CEO predicts a bull crypto market by mid-June

Earlier, Mark Yusko stated that the rally will begin on April 18

17.05.2023 - 16:25

663

3 min

What’s new? CEO of venture capital firm Morgan Creek Capital Mark Yusko confirmed in an interview with Blockworks that he stands by his prediction that a bull market is imminent. In this, the businessman called his previous assumption a little premature, previously, Yusko said that the rally will begin on April 18 and will be a “birthday present.” Now, the entrepreneur thinks the crypto summer will likely start in mid-June.

What else did Yusko state? In his opinion, bitcoin is currently capable of triggering a “big breakout” as it forms a technical reversal pattern. The businessman noted that the asset fell from $60 000 to $27 000, after which it was in a sideways movement and “dead flat over the last 12 months,” before collapsing to $15 000 during the November 2022 crash of the FTX exchange.

The asset is now back to $27 000, and Yusko has noticed an “inverse head and shoulders” pattern forming on the asset’s price chart, indicating a potential trend reversal to the upside.

A sideways trend (flat/consolidation) is a horizontal price movement in a certain range without a clear trend. The price lows and highs are practically on the same level. The strengths of bears and bulls are equal, which indicates an equal amount of selling and buying.

As for the collapse of several US banks in March of this year, Yusko believes that the turmoil in the sector was provoked in order to ensure a smooth adoption of the digital dollar.

In May, lawmakers in Texas, Florida, and North Carolina banned the use and testing of the digital dollar in their states.

Analyst Peter Brandt warns of a possible decline in the BTC rate

A reversal pattern has formed on the asset’s price chart

Read further

In February, Yusko predicted that the crypto winter would end by the second quarter of 2023. Back then he noted a combination of looser US Federal Reserve System’s policy and the impending halving of bitcoin would help boost the market of digital assets.

Author: