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Tuesday, January 25, 2022

Bitcoin Price Could See Trouble At $60,000

Mark Yusko, a manager of hedge funds and a Bitcoin bull, is currently on a pullback watch as he believes the price of $60,000 could spell trouble. He further understands that most of the investors would take profits due to the sharp rally undertaken by the cryptocurrency over the last couple of weeks.

The CEO and CIO of Morgan Creek Capital Management previously noted that there were a lot of people who had the idea that the cryptocurrency would easily be able to hit a sum of $100,000 by the end of the year. He also mentioned that he wouldn’t be shocked if a little consolidation took place. 

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Bitcoin, to further justify his point, did cross the resistance level of $60,000 for the first time since April last Friday. The extremely bullish move came on the excitement as there was news surrounding the progress of the ETFs of this cryptocurrency.

Yusko, who also serves as the managing partner of Morgan Creek Digital, stated that they were excited as most of the people have been recognizing that the approval seems pretty imminent. They have previously been routinely bullish on cryptocurrency for quite a long period of time. 

Bitcoin $250,000?

Yusko believes that any profit-taking venture of Bitcoin would be entirely temporary. His call is for the cryptocurrency to touch a sum of $250,000 in five years. He stated that this fell under the axiom of demand and supply, as one of the best things about this cryptocurrency was that it was a finite supply. It is pretty well documented how many tokens of this cryptocurrency would be minted over the next 140 years through the mining process. 

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Yusko believes that the market value of Bitcoin in the next few years would equal gold. He noted that the cryptocurrency was routinely replacing gold every single day- as it was now digital gold. A major part of his rationale was around a long-term deflation prediction. And this seems to be a scenario that is not talked about well enough- with the world coping with the spikes in inflation. 

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