A bitcoin bull is on pullback watch.
Hedge fund manager Mark Yusko believes investors will take profits due to the cryptocurrency’s sharp rally over the last few weeks.
“There are a lot of people that think we could hit $100,000 by the end of the year. The stock to flow model says we should,” the Morgan Creek Capital Management CEO and CIO told CNBC’s “Trading Nation” on Friday. “I also wouldn’t be surprised of a little consolidation. Look, we’re up 40% this month which is only 15 days old.”
Bitcoin crossed the $60,000 mark for the for the first time since April on Friday. The bullish move came on excitement surrounding progress on bitcoin ETFs.
“We’re excited, obviously, that people are recognizing that approval is likely imminent,” said Yusko, who’s also managing partner of Morgan Creek Digital “We’ve been bullish on cryptocurrency, and bitcoin in particular, for a long time.”
Yet, he’s questioning the latest performance’s sustainability.
“A pause that refreshes given how overbought we are right now wouldn’t surprise me,” said Yusko. “There is some risk of the buy the rumor, sell the news.”
Reference: CNBC
Read More: https://www.cnbc.com/2021/10/
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