While Bitcoin has been hovering around the $ 24,000 level in recent days, the debates on whether there is a bottom level and whether there will be a new downward wave continue. One of the names who expressed his ideas on the subject was Mark Yusko, the founder and CEO of Morgan Creek Capital.
Speaking in an interview with Stansberry Research, Yusko stated that the market structure of Bitcoin is a process of creating a bottom and used the following statements:
"I've been discussing this issue for about 10 days. I can't say 'We found the bottom' for now. But I still stand behind the comments I made on a podcast I attended last week. We found 3 highs at the bottom. We went down to 17,500 and then we went up and went up. We came back to $18,000 again. We went up again, this time down to $19,000. Then we went up a third time and went down to $20,900. And if we stay above $20,900, it has 3 bottom tops and 3 tops of the hill in total. This is a very good bull trend and could mark the beginning of the Bitcoin spring.”
Stating that Bitcoin is currently in the spring period, when the winter season ends, Yusko stated that this 'spring' may take months:
"I can insist that spring is coming. If you look at the last two cycles, we are now on par with the number of days that winter ends and spring begins. This spring may take months. A bull market won't occur very soon. It won't come right away, but spring happens first and then spring happens." Summer. I think we will see serious speculative movements in those times. I think that this period will be experienced in 2024 with the expectation of the rise that will occur with the halving of the prize."