Bitcoin Drops Below $8,000, Hedge Fund Manager Says BTC will Rise Over 6000% in 6yrs

Bitcoin price has taken a step back and dropped below $8,000 level after two weeks of rally. However, hedge fund manager believes bitcoin is only warming up and is only looking to hit some big numbers.

Bitcoin takes a hit but already on rebound

After experiencing a bull rally for past 2 weeks, Bitcoin price has taken a hit. Currently running in red, Bitcoin has dropped down to $7,957 at the time of writing with a 3.73 percent loss.

The world’s number one cryptocurrency, Bitcoin’s market cap has come down to $136 billion. The probable cause for this price fall has been attributed to the Winklevoss’ second time Bitcoin ETF rejection by the SEC. The drop went into effect when Bitcoin reached $8,287 level. From here the prices took on a constant downward spiral before stopping at $7,878.

The loss in value can also be seen in the entire crypto market as a majority of the cryptocurrencies are in the red right now. This has resulted in the loss of about $10 billion from the overall market cap. Though Bitcoin has lost a small fraction of its value, the price has started regaining as well. The price climbed to $7,992 mark at one point a couple hours back.

The fall down seemed to be temporary as prices have been on a constant movement. With the daily trading volume still $5 billion, the flow of funds hasn’t stopped.  

Also, read: Bitcoin on a Breakout, This Former Analyst says BTC Waiting for Reasons to Go Higher

Bitcoin is just warming up, $500,000 by the end of 2024

Bitcoin has as many supporters as detractors. One such enthusiast is Mark W. Yusko, a hedge fund manager and CEO of Morgan Creek Capital Management.

Yusko first shared his wild bullish predictions in April and now he is still holding firm to them as he tweets.

My view from April is unchanged. The #NetworkEffect of #Bitcoin is powerful and all that matters today is securing ownership of the Network, the daily price is just noise… #BuyAndHODL ? https://t.co/FvnIi4jrX1

— Mark W. Yusko (@MarkYusko) July 26, 2018

In an interview with TheStreet, he shared,

“If you look at [Bitcoin price] history, you know there’s been five parabolic moves or crashes, and we’ll have a 6th, 7th, and 8th, and 9th, and it is just the way it works. So I don’t think you need a big event, and you’ve seen it in the past couple of weeks, right?

As soon as the price starts to run. Those people that have been waiting on the sidelines to make sure that the bear market is over are ready to jump in, and then once it actually starts moving, then it starts moving fast and that’s when you get those parabolic moves.”

As for how he reached the $500,000 figure, Yusko explained that network value is calculated by using the hash power of the network, number of participants and the amount of money coming into the network.

However, Yusko is sceptical of Bitcoin ETF approval this time which according to him will lead to a “little disappointment break”. He believes the prices will see one last dip before breaking out in a big bull rally in the fourth quarter.