Founder and CEO of crypto hedge fund Morgan Creek Digital, Mark Yusko, stands by his prediction that a bull market for digital assets is imminent.
In a new Blockworks Macro interview, Yusko say that his call to start a crypto bull market this month is a bit premature.
Morgan Creek’s executive now believes a “crypto summer” is likely to kick off in mid-June.
“I announced a while ago that Tuesday (April 18), my birthday… I announced that it would be my birthday present, that crypto summer would come, that we would have the crypto equinox. I think I may be early. Maybe it’s June 15.”
According to Yusko, Bitcoin (BTC) is now poised for a major breakout as it prints a technical reversal pattern.
“But the really interesting fact is that Bitcoin has been dead quiet for the past 12 months. That’s pretty interesting. And it’s because it went down from $60,000 to $27,000, or whatever, and then it was kind of flat. And then it dropped to $15,000 during the FTX debacle.
And when you look at the chart, it’s like a nice inverted head and shoulders at $27,000. And so it’s a really interesting technical pattern. And you know, I think we need to see some good news to get the momentum going.”
Speaking of the collapse of multiple regional banks this year, Yusko says the industry turmoil may have been triggered to facilitate the smooth adoption of a central bank digital currency (CBDC).
“What’s interesting is if you said we’re going to have three of the biggest bank failures in history this year, which wasn’t on anyone’s bingo card, by the way, if you said it would be the biggest year.” for bank failures in history…
You would have thought, “Oh my God, Bitcoin is going to crash.” Instead, it makes sense.
I think there is information content there.
Coming back to the fact that all of this is, I think, a plan to instill fear in the banking system so that we all gladly accept the CBDC that is coming.”
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