Morgan Creek’s CEO Expects Bitcoin to Hit $250k Over the Next Five Years
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Bitcoin (BTC) has struggled to reclaim the $65k all-time high recorded sometime in April, the benchmark cryptocurrency trade on a sideways bias. Despite the recent bearishness seen in BTC, Mark Yusko, the CEO of Morgan Creek Capital Management, recently made a bullish prediction for the benchmark cryptocurrency.
In a recent interview with CNBC, the CEO asserted that Bitcoin could touch the $250k mark within the next five years. Yusko argued that Bitcoin is not just a value token but is also a highly successful network. The CEO and founder of Morgan Creek Capital Management noted that many investors do accord the cryptocurrency its rightful value, adding that:
”This is a network, and networks grow exponentially. This is the fastest network in history to a trillion dollars of value, right on the heels of FAANGS that took, you know, 15 to 20 years depending on which one you are looking at.”
Yusko explained that he based his BTC price forecast on a gold correlation, noting that if gold’s total monetary valuation is around $4 trillion, then the digital gold should reach that amount as well.
He noted that:
”What people miss is this is a technological evolution of computing power that isn’t going away. It’s a powerful computing network that is going to become the base layer protocol for the Internet of value.”
Key BTC Levels to Watch — May 11
Bitcoin has suffered a massive overnight correction to the $53,400 support after a sharp rejection from the $59,500 resistance yesterday. The primary cryptocurrency appears to have stabilized above the $55k level, as dip-buying activity pushes the price higher.
Bitcoin is currently in oversold conditions, based on our MACD indicator, around the -764 MACD support. That said, we expect a retracement to neutral conditions, at least, over the coming hours for the cryptocurrency.
Meanwhile, our resistance levels are at $56,700, $57,500, and $58,000, and our key support levels are at $55,000, $54,000, and $53,400.
Total Market Capitalization: $2.42 trillion
Bitcoin Market Capitalization: $1.03 trillion
Bitcoin Dominance: 42.8%
Market Rank: #1
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