BlackRock’s filing for a bitcoin exchange-traded fund (ETF) has sparked the start of a new cryptocurrency bull market that will close to 2024, according to BlackRock chief investment officer and founder Mark Yusko. Sometime around the April halving was a parabolic Morgan Creek capital.

“Based on Metcalf’s legal model, the fair value of bitcoin is about $55,000. So I think we’re moving up to that level,” Yusko said in a recent interview with Cointelegraph.

After that, Yusko predicts, speculators will flood the market, pushing the price of Bitcoin (BTC) beyond its fair value to new all-time highs.

“We may see a speculative explosion sometime in 2024. This will lead to the next economic downturn and the next crypto winter,” Yusko predicted.

Yusko is very confident that BlackRock’s Bitcoin ETF application will be approved by the SEC, thus becoming one of the catalysts for the next parabolic bull run.

“I think it’s a done deal. I think it’s been an engagement for years. They’re just waiting for the right moment,” he said, commenting on the application.

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