Key Points
- Mark Yusko predicts a potential bear market for crypto by mid-2025, with Bitcoin topping at $150K.
- On-chain metrics suggest there is still room for Bitcoin growth before reaching a market top.
Mark Yusko, the CEO and founder of Morgan Creek Capital, has shared his prediction for the crypto market. He believes that by mid-2025, cryptocurrencies could enter a bear market phase.
In a recent discussion with Cointelegraph, Yusko stated that the market might peak when Bitcoin (BTC) reaches $150K and then decline. This prediction is based on historical trends associated with parabolic rallies.
Yusko’s View on BTC National Reserve
Yusko also mentioned that a US Bitcoin national reserve could speed up the achievement of the $150K target. However, he expressed skepticism about the high price target of $1M per Bitcoin predicted by other analysts if the US Bitcoin reserve is implemented.
Predictions about when the market will peak have increased since Bitcoin crossed the $100K milestone. Some analysts foresee this happening in March 2025, while others predict it will occur in the third or fourth quarter of 2025.
On-Chain Metrics and BTC Growth
Despite these predictions, on-chain metrics suggest more room for Bitcoin’s growth before reaching a market top. The MVRV-Z score, a top indicator, shows enough headroom for Bitcoin’s growth before topping. This valuation metric has accurately marked the last cycle tops when it crossed 7 (upper band).
Another accurate top signal, the Pi Cycle Top, which is based on a cross between two long-term moving averages, currently shows a wide gap. This indicates more potential for growth before a likely market top.
Historically, a Bitcoin top and the start of a ‘bear market phase’ always begin the year after the halving. However, some analysts believe Bitcoin might not experience an intense bear phase like previous cycles due to increased institutional involvement.
The exact timeline for the 2025 market top and the intensity of the bear phase are yet to be determined. However, according to on-chain metrics, there is still potential for Bitcoin’s growth.