Is the Crypto Winter over? Hedge Fund Veteran Mark Yuski Says So & Here’s Why!
Has Crypto Bottomed Out?
Recently, Morgan Creek Capital Management founder, Chief Investment Officer, and CEO Mark Yusko, revealed that he believes the current Crypto bear market is finally coming to an end and that Bitcoin and other crypto prices have finally bottomed out.
In an interview on September 22 with the Thinking Crypto YouTube channel, Yusko said: “I actually do believe crypto winter is over. I believe we’re in crypto spring. I believe we have seen the bottom.“
Yusko claimed however, that despite this, it might still be possible for crypto prices to drop somewhat lower than they currently are, but that despite this, cryptocurrencies, especially Bitcoin will soon see another rally.
“That doesn’t mean we can’t retest it. It doesn’t even mean we couldn’t go a little bit lower than that, but I really do think that the cathartic unwind of the leverage in Bitcoin happened and I do think we’re having a little follow through here with a ‘buy the rumor, sell the news’ about the merge.” He says, “I think there were a lot of people that thought, when the merge happened, suddenly everybody was just going to buy Ethereum.”
FED’s Impact On Crypto
Yusko says that he believes the Federal Reserve will soon need to stop their quantitative tightening program in order to bring his expected crypto rally forward.
He stated: “My personal belief is we’re in recession. It’s a shallow kind of 2001-style recession, not a depression. I think the Fed could overtighten and break things…“
“I think because of that, the Fed will reverse. When they reverse, we’re going to have a face melter of a rally. I mean a face melter because the shorts are going to get scorched and the amount of shorts in crypto is massive.“