Bitcoin Flashes Beautiful Patterns, Says Morgan Creek’s Mark Yusko

Morgan Creek Digital founder and CEO Mark Yusko predicts a digital asset bull market.

In a new Blockworks Macro interview, Yusko believes his prediction of a crypto bull market this month is premature.

The Morgan Creek executive expects a “crypto summer” in mid-June.

“I declared a while ago that Tuesday (April 18th), which was my birthday… I declared that it was going to be my birthday present, that crypto summer would arrive, that we would get the crypto equinox. I think I might be early. Maybe it’s June 15th.”

Yusko believes Bitcoin (BTC) will burst out after printing a technical reversal pattern.

“But the really interesting factoid is Bitcoin’s been dead flat over the last 12 months. That’s pretty interesting. And it’s because it fell from $60,000, down to $27,000, or whatever, and then it was kind of flattish. And then it went down to $15,000 during the FTX debacle.

And if you look at the chart, it’s like a beautiful inverse head and shoulders at $27,000. And so, it’s a really interesting technical pattern. And you know, I think we need to see some good news to get the momentum going.”

Yusko suggests that many regional banks collapsed this year to facilitate the adoption of a central bank digital currency (CBDC).

“What’s interesting is if you would have said we’re going to have three of the largest bank failures in history this year, which was not on anyone’s Bingo card by the way, if you would have said that that this would be the largest year for bank failures in history…

You would have thought, ‘Oh my God, Bitcoin is going to crash.’ Instead, it’s up meaningfully.

I do think there’s information content there.

I come back to the whole thing that all of this, I think, is a plan to foment fear in the banking system so that we will all gladly happily accept the CBDC that’s coming.”