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Bitcoin (BTC) has dipped below $69,000 after failing to hold above $70,000 last month. Although this may seem bearish, there are predictions that Bitcoin could still reach $100,000 in the near future, driven by key market factors and economic trends.
Mark Yusko, founder and managing director of Morgan Creek Capital, discussed Bitcoin’s outlook on the ‘ThinkingCrypto’ podcast. Yusko suggested that a Kamala Harris victory in the 2024 presidential election might negatively impact Bitcoin’s price, especially if Gary Gensler remains as SEC Chair and enacts stricter regulations on the crypto sector.
Yusko indicated that continued leadership from Gensler could mean tighter crypto regulations, potentially causing price declines for Bitcoin. Despite this, he expressed long-term optimism, noting that Bitcoin’s value could benefit from ongoing U.S. dollar devaluation due to current economic policies of money printing and deficit spending.
Yusko argued that Bitcoin could serve as a hedge against inflation if current economic policies persist. He highlighted how the asset’s positioning as a store of value might strengthen as the U.S. dollar faces devaluation pressures.
Bitcoin in Six Figures: The Halving Effect
Discussing Bitcoin’s halving cycle, Yusko explained that BTC has historically rallied approximately 178 days after each halving. Since the latest halving occurred in April 2024, he anticipates that Bitcoin is due for a significant increase soon.
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Between now and mid-December, Bitcoin is expected to reach prices between $110,000 and $120,000. He noted that increasing interest from institutions and Bitcoin spot ETFs is expected to drive demand further. Additionally, the holiday season tends to be a bullish period for BTC.
As Bitcoin climbs, Yusko warned that corrections could be substantial during bearish phases. He believes Bitcoin’s fair value currently lies between $80,000 and $100,000. At the time of writing, BTC is trading at $68,758.02, down 6.8% from its all-time high of $73,750 in March, based on CoinMarketCap data.
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