Hedge fund veteran Mark Yusko predicts face-melting crypto rally and says Bitcoin has bottomed
Mark Yusko, Founder and CEO of Morgan Creek Capital Management, believes that crypto has already seen the worst of the bear market when Bitcoin (Bitcoin) slipped near the $17,000 mark this month.
In a new interview on YouTube channel Thinking Crypto, Yusko says the price of digital assets has fallen amid a sell-off following the much-hyped proof-of-stake merger for Ethereum (ETH).
The hedge fund veteran says crypto markets have bottomed and are now headed for the next bull cycle.
“I actually believe that the crypto winter is over. I believe we are in the crypto spring. I think we’ve bottomed out.
That doesn’t mean we can’t test it again. That doesn’t even mean we couldn’t dig a little deeper, but I really think the cathartic leverage unwinding has happened in Bitcoin, and I think we have a little follow-up here with a ‘buy’ the rumor, sell those News about the merger.
I think there were a lot of people who thought that when the merger happened they would all suddenly buy Ethereum.”
Yusko says that even if the Federal Reserve decides to hike interest rates further, it will only have a limited impact on global prices as the downturn hits nations worldwide.
“My personal belief is that we are in a recession. It’s a shallow 2001-style recession, not a depression. I think the Fed could tighten too much and mess things up, but here’s the thing, how many Fed hikes will change the price of Ukrainian wheat? It doesn’t matter, does it? It has nothing to do with it.
How many rate hikes will change the price of natural gas from Russia to Europe? Regardless, you could hike 50 times, it won’t change the price of gas. They’re not going to lower the price of gas because they ripped you off.
How many rate hikes will change China’s zero-COVID policy and fix the supply chain so I can actually trade my car in and get a new Kia?
Yusko says should the Fed deviate from its current stance on interest rates, it could be bullish on crypto.
“I think we’re in a recession. I think this is why the Fed will reverse. If they reverse we will melt a rally. I mean a face melter because the shorts are scorched and the amount of shorts in crypto is massive.”
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