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 a conversation with Stansberry Research, Yusko states that currently, Bitcoin is creating too many higher lows and higher highs. This is because the currency’s recent price action is pointing towards forming 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 had previously claimed that if Bitcoin breaks $20,900, the asset will form three higher lows and three higher highs. He also says this is a pretty 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 flagship currency is in the spring season as the winter phase has seen its end. Hence, he further says that Bitcoin is preparing for the upcoming bull run to be seen in the summer cycle, which is set to be formed just before the next halving. The next halving is scheduled on or before the mid of 2024.
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 we don’t have an immediate bullish trend as the spring cycle has started. However, once the market enters the summer phase, the expert believes that there will be a bull run for Bitcoin and the whole crypto market.