Bitcoin price remains in the doldrums amidst plunging to this year low of $3500 last month. The largest crypto coin continues flittering with $4000 level over the previous week. Traders are wondering how long the flagship cryptocurrency would remain in bearish trend.
The market is yet unsure about the new bull-run while some analysts see another pullback in prices before the end of the bearish cycle.
Top 10 CryptoCurrency Price Analysis Today
Mark Yusko, the CEO of investment firm Morgan Creek, presents the rosy outlook for cryptocurrency markets. In an interview on CNBC’s Fast Money, Yusko claims that bitcoin is offering the best buying opportunity for both long and short-term investors.
Why is Morgan Creek Optimistic?
Morgan Creek CEO strongly believes that bitcoin and the rest of top rated crypto coins are the future of currency markets. He is optimistic that the world would adopt these digital currencies as a medium of exchange; the CEO claims that institutional investors are gaining confidence amid increasing regulatory control and the improving environment in cryptocurrency exchanges.
He also blames the expiration of bitcoin future contracts for the recent selloff along with other factors such as the crackdown on ICO’s and Bitcoin Cash hard fork.
However, he believes it is the best time to buy bitcoin for both short and long-term perspective.
Mark Yusko said, “If you buy in today, I don’t think you would have to wait a long time to make a nice return…Over a decade, I think you can make 20-times plus your money.”
He had predicted bitcoin price to reach $400000 at the beginning of the last year when the crypto-coins were booming. Mark Yusko still holds his price bet and continues to make a comparison between cryptocurrency markets and the internet in the late 80s and early 90s.
The Price Boom is Expected in 2020
Although the CEO of Morgan Creek is optimistic about the modest gains for bitcoin price in 2019, he expects a full recovery in 2020. He argues that the next financial bubble will occur in 2020, which would move the financial world towards the centralized virtual currencies.
He stated: “ I think this year, will continue to melt slowly like a melting ice cube. I think next year, with the economic slowdown it gets worse, probably double-digit drops and the big year is 2020 when the credit bubble starts to blow up. Every company has binged on cheap debt, they have over-levered, there’s 14% of companies of S&P can’t service their debt with the next three years of EBITDA.”
Mark Yusko has expressed solid arguments to support his bitcoin price bet. He believes the collapse of the current financial system would support crypto adoption. He might be certainly right about the increasing debt level of companies both in the private and public sector, but it’s too early to predict that 14% of S&P companies would fail to service their debt, which would result in the complete collapse of the financial system.