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Many believe that Bitcoin will bounce back to break through the $60,000 price. But Mark Yusko seems to have a bigger picture of the future price of the token. Mark Yusko is the CEO, Founder and Chief Investment Officer of Morgan Creek Capital.
In his speech, Bitcoin’s price could reach $250,000 in the next five years. One reason for this possibility is that Bitcoin has passed as a valued token. Unfortunately, many investors don’t see it from this perspective. He revealed this information in a interview held in June 2021.
According to recent industry gossip, Yusko is still holding its own on Bitcoin’s future price.
Historical Performance of BTC (Half Events)
There is yet another way to look at the possibility of massive Bitcoin growth in the future, Yusko says. This has to do with its historic performance for every halving it experiences.
Bitcoin follows a certain trend of adding a zero for each halving event. The halving brought it to $10; after the second it became $100. The third and fourth halvings brought in $1,000 and $10,000 respectively. In light of this, the next possible price of the token will be $100,000.
Briefing on Bitcoin price history
Despite the bearish market, it is clear that Bitcoin has experienced significant growth from its launch to date. In 2013, BTC hit $100 for the first time and soared to $230 on April 8. After several fluctuating price movements, it peaked to a short-lived price of $1,237 in December 2013.
2014 and 2015 were not very eventful for the token as it plunged through 2014. BTC hailed 2015 with a price slightly above $300, although it rose gradually before the year ended. It maintained growth in 2016, finishing it at a price of about $900.
The value of the token has continued to rise regardless of the ups and downs it has experienced over the years. It eventually hit its all-time high of $68,789 on November 10, 2021, ending the year at $64,995.
The token price between January and March 2022 started another round of dips. At the end of March, it fell below $47,500. While continuing a steady up-and-down movement, the price has now fallen to $19,096, according to data from Trading Display.
The trigger for the next bull cycle
The investment officer, founder and CEO of Morgan Creek Capital has also expressed his thoughts on the trigger for the next bull cycle. He revealed this information in an interview on YouTube titled Thinking Crypto, released on September 22.
Related reading: Here’s Why This Expert Thinks Bitcoin Prices Could Fall
In his speech, he believes that the Fed will abandon its quantitative tightening in the foreseeable future. This will cause a bull run in the global crypto market.
Featured image from Pixabay and chart from TradingView.com