(Kitco News) – The start of April has seen Bitcoin (BTC) continue to consolidate below $72,000 as crypto proponents countdown the days to the next halving, which is expected to occur in 19 days.
Data provided by TradingView shows that a Sunday attempt by bulls to take out resistance at $71,500 was deftly handled by bears, who smashed Bitcoin back below $69,000 in the early hours on Monday before bulls managed to halt the downturn.
BTC/USD Chart by TradingView
At the time of writing, Bitcoin trades at $68,835, a decline of 2.35% on the 24-hour chart.
While Bitcoin struggles below last month’s all-time high, Mark Yusko, CEO of Morgan Creek Capital Management, said the top crypto could surge to $150,000 after the halving based on its historical performance.
“Post-halving, you get a lot of interest in the asset, a lot of people FOMO in, and we normally go to about two-time fair value in the cycle,” Yusko said during an interview with CBNC. “In the last cycle, fair value was 30, we got as high as $68,000, $69,000. This time, I think probably two times because there’s less leverage. That gets us to $150,000.”
Elaborating on why he sees the price rising to this level, Yusko noted that the halving will reduce the number of Bitcoin mined per block, which is already significantly lower than the demand from the spot Bitcoin ETFs.
“Once that [the Bitcoin halving] occurs, then you start to get an increase in demand…from ETFs and others interested, but the supply of new coins goes from 900 a day to 450,” he said. “If there’s more demand than supply, price has to rise.”
Because of this, Yusko thinks that investors should “get off zero” and allocate at least 1% to 3% of their portfolios to Bitcoin. “Bitcoin is the king. It is the dominant token. It is a better form of gold,” he said.
“The law of large numbers comes in. I think it can go up 10x from here easily over the next decade,” Yusko added.
As for when Bitcoin’s price will begin to climb out of its sideways trading, Yusko noted that historically, things start to ramp up several months after the halving occurs.
“The big move happens post-halving,” he said. “It starts to become more… parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market.”
As for Morgan Creek Capital’s approach to the bull market, Yusko said they have allocated 80% of their portfolio to private equity and 20% to high liquidity tokens. Specific tokens of interest include Ethereum (ETH), Solana (SOL), and Avalanche (AVAX).
If Bitcoin follows similar patterns as past bull cycles, it will reach a new all-time high in 2025. But many analysts, including those at 21Shares, believe this halving cycle will be different due to the recent introduction of spot Bitcoin ETFs in the U.S., and predict an early Bitcoin rally compared to previous halving cycles.
