Bitcoin has experienced sharp fluctuations in the past week. Having started September at around $78,000, BTC surged above $82,000 during the week, reaching its highest level since May. However, it couldn’t maintain this level and fell back below $80,000.
As of today, Bitcoin has fallen below $80,000, indicating weakening risk appetite, particularly due to strong US employment data and expectations that the Fed may raise interest rates.
While awaiting the FED decision regarding Bitcoin, Mark Yusko, CIO of Morgan Creek Capital Management, stated that the recent rise in Bitcoin indicates an overbought zone within a bear market. Yusko also warned that the bottom of the cycle for Bitcoin could form around October 5th, and the price could fall to levels around $58,000 in the short term.
Bitcoin Bottom Prediction for October 5th!
Speaking on the Crypto Banter podcast, Mark Yusko presented a cautious outlook for Bitcoin in the short term.
Yusko stated that following the recent recovery in Bitcoin, the market has entered an “overbought” zone and that the upward movement does not yet indicate the end of the bear market.
At this point, the analyst predicted that Bitcoin could reach the bottom of the cycle approximately 364 days after its previous peak, around October 5, 2026.
The analyst also stated that, taking into account indicators such as Metcalfe’s Law, user count, and trading volume, Bitcoin’s value is $105,000.
Although Yusko predicted a bottom of $105,000 for BTC, he said it’s possible for Bitcoin to fall to around $60,000 in the short term, or even as low as $58,000, which is close to the cost of electricity used in mining.
Yusko concluded by stating that Bitcoin’s weighting in investment portfolios should also be limited, adding that he recommends allocating between 5% and 10% to Bitcoin for general investors.
Solana Sold 90% of Her Assets!
Another important topic in Yusko’s statements was Solana.
Yusko stated that he had achieved approximately 1,000 times the return on his early SOL investments, and announced that he had sold about 90 percent of his Solana position.
*This is not investment advice.
