(Forbes) Morgan Creek Capital Management analyst Mark Yusko is warning that Bitcoin could be overbought, and price consolidation might follow due to profit-taking.
Yusko is, however, forecasting that bitcoin prices could rise to as high as $250,000 in the next five years to a value same as gold.
The strategist’s comments come when Bitcoin set a new all-time high of $67,000 today after surging in a bullish momentum that has seen its total gains top 40% in the last month.
Altcoins have also joined in the bullish wave, taking the global crypto market capitalization to above the all-time peak of $2.6 trillion set in May.
ProShare’s Bitcoin futures ETF, which has begun trading in the New York stock exchange, is believed to be behind the surge. The launch saw a 5% stock rise and $1 billion trading volumes the same day.
Analysts expect that Bitcoin prices will outshine those of the altcoins and could surge to almost a six-figure price before the end of the year.
BTCUSD is down -1.43%, ETHUSD is up +0.85%, SOLUSD is up +5.46%.
