Mark Yusko, CEO and CIO at Morgan Creek Capital Management, believes that the price of Bitcoin could potentially reach six-digit territory within a month. During a recent appearance on Paul Barron Network, Yusko stated that the largest cryptocurrency could go right through its "fair value"
"As soon as the price starts to rise, what do human beings do? We chase momentum. So, the momentum followers come in, and that pushes further, and then we get what I call the 'Thanksgiving effect.' I think that this Thanksgiving will be the best Thanksgiving ever," he explained.
According to Yukso, the network value stands at the higher range of the $50,000 level.
"Normally, we double from the low 50,000 to well over $100,000. I think this time we go from the the $50,000 to that $80,000 number that people are talking about. But that's the fair value. The fair value is going to be somewhere in the $80,000s. But we will go right through fair value," he noted.
According to Yusko, Bitcoin will be able to surge higher because of the positive word of mouth during Thanksgiving.
He has predicted that a parabolic move could take place between Thanksgiving and December.
On Tuesday, the price of Bitcoin surged to a multi-month high of $73,562, according to CoinGecko data.
However, the cryptocurrency has since given up some gains, currently changing hands at $71,894.
Yusko previously predicted that the price of the leading cryptocurrency could potentially reach $400,000.
During a March interview with CNBC, he said that Bitcoin could reach $150,000 as soon as this year.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team