By Tobi LobaMark Yusko, the Morgan Creek Digital Co-founder has strengthened his commitment to his $400,000 price prediction for Bitcoin (BTC), the largest cryptocurrency by market cap.
This is also coming in a time when Max Keiser, a veteran crypto trader, and investor, reiterated his stance by pointing out the reason for buying bitcoin (BTC) now before it trends to $400,000.
In a recent video interview, Mark Yusko said logically, Bitcoin will reach $400,000 to $500,000 once it attains the present market capitalization of Gold.
He said:
“If we come to gold equivalents, meaning that the market cap of gold Bitcoin equals the market cap of gold (which I think is perfectly logical), you could easily see that $400,000 to $500,000 price some time.”
He furthered in the discussion by stressing the recent rally of Bitcoin (BTC) to $9,500 price region, claiming that the price trend was the result of supply and demand.
In the interview, Yusko explained the difference between resilient hodlers and speculators, averring that the hodlers that rush to buy due to speculations are always responsible for short-term price moves we witness from time to time in the crypto sphere.
Reference to Black Thursday of 12th March
During the conversation, Mark Yusko made reference to the historic Black Thursday of 12th March 2020, when Bitcoin (BTC), in the company of other top digital currencies, shockingly lost relatively 40% of their accumulated prices within 24 hours.
Back then, the loss was attributed to the effect of coronavirus and a liquidity crunch. However, bears have since subjected to the strength of bulls, and as Bitcoin halving approaches, bulls may take the advantage to silence the resilient bears for quite a long time.
Mark Yusko Cautions Bitcoin Traders and Investors over Halving Speculations
According to the halving calendar, we now have less than 5 days to the much-anticipated Bitcoin halving event.
In the conversation, Yusko cautioned Bitcoin traders and investors over the big expectations already set for the post-halving event, he said they shouldn’t expect the price of BTC to magically rise immediately the halving is conducted.
He furthered that any trend should be expected after halving, averring that there could be a drop in price, but he remains positive that BTC could rise to $100,000 in 2021, before recording new highs afterward.