Bitcoin Price Could Hit $500,000 USD, Affirms Hedge Fund Manager Mark Yusko
As the price of Bitcoin started to rise again, there is no shortage of predictions that the price of the token will exponentially go up. According to the CEO and chief of investment of Morgan Creek Capital Management, Bull Mark Yusko, which is a well-known Bitcoin bull, the token might reach half a billion USD in six years.
According to him, you need to see how the Bitcoin prices move to understand the prediction. It is all about how they have a parabolic move and then crashes constantly, having other parabolic moves and then repeats this pattern.
This is why, in his opinion, the token will reach a price of $25,000 USD at the end of 2018, crash, $75,000 USD at 2020, crash again, $200,000 USD at 2022, crash once more and then finally rise to $500,000 USD at the end of 2024.
A Look On Bitcoin’s Parabolic Moves and Recurring Crashes
Yusko’s theory is actually very simple. At the moment, Bitcoin has been victim to five parabolic moves and crashes soon after. You do not even need a big event. The market, according to him, is very cyclic. Because of this, there is always people waiting in the sidelines to make sure that the bear market will eventually come back.
You get these parabolic moves because they sell when the price is high, cash out and they wait until the token is almost dead to buy a lot again. There are a lot of people waiting for the SEC to approve ETF Bitcoin-related funds too, which the institution will possibly do soon into the future.
However, Yusko does not believe that the SEC will approve the ETFs and the market will see some disappointment with the prices falling again before they will rise a lot in the last quarter of the year.
Yusko explains that he got to the $500,000 USD value by using the underlying value to estimate the value of the whole network. You just have to take the hash power of the network and the number of participants to discover this number. He created this figure based on an old model that was built years ago to use logarithmic exponential growth.
Anthony Pompliano Believes Bitcoin Can Reach $50,000 USD this year
Yusko has also commented about Anthony Pompliano, known as “Pomp”, which was a managing partner a Full Tilt, which was acquired by Morgan Creek Capital Management about 18 months ago.
According to Pomp, which is even more bullish on Bitcoin than Yusko, the prices will reach $50,000 USD this year. He has confidence in this number and has some experience in the market, so who knows, maybe his prediction, which is the double than Yusko is right. We’ll have to wait and see.
— Mark W. Yusko (@MarkYusko) April 21, 2018