Morgan Creek’s Mark Yusko warns that Bitcoin looks overbought
Bitcoin hit an all-time high today, climbing to nearly $ 67,000, more than double what it was at the beginning of 2021. Morgan
BTC has gained over 52% in the last 30 days, with other major cryptocurrencies such as ETH, ADA, BNB, XRP, SOL, DOT, DOGE all increasing double digits in the time frame, 41%, 10%, 38%, 24% respectively, 39%, 56%, 22%.
Total crypto market cap has also surpassed its previous all-time high from May, surpassing $ 2.6 trillion for the first time.
Before the first US Bitcoin futures ETF debuted on the New York Stock Exchange, hedge fund manager Mark Yusko warned that the price of Bitcoin could be “overbought”.
Morgan Creek Capital Management’s CEO told CNBC:
“I’m happy about the ETF approval, but I wouldn’t be surprised by a slight consolidation. Look, Bitcoin price is up 40% in 15 days this month.
Excited bitcoin and crypto traders pushed bitcoin prices up sharply yesterday after ProShare’s bitcoin futures ETF started trading in New York, causing stocks to rise nearly 5% and volume on that Day reached more than $ 1 billion.
Yusko predicts that after the highly anticipated launch of the Bitcoin ETF, there could be some “profit-taking,” suggesting a nearly 20% decline in Bitcoin price after El Salvador adopted it as a legal currency in September and declared it “Mini-Crash” called.
However, Yusko previously said that he expects the price of Bitcoin to soar up to $ 250,000 in the next five years and predicts that the value will then be in gold. The view that Bitcoin has replaced gold was shared by billionaire investor Chamath Palihapitiya earlier this month.
Pankaj Balani, managing director of the derivatives exchange Delta, said:
“The setup for Bitcoin looks very similar to last year around this time, when BTC outperformed other altcoins and rallied massively in the fourth quarter. We expect Bitcoin to outperform other cryptocurrencies and expect six-figure prices before the end. ” of the year.”
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According to Forbes