Bitcoin Bottom Prediction: Yusko Sees $58,000 Low, Sold 90% of Solana Position

Mark Yusko, CIO of Morgan Creek Capital Management, shared his thoughts on Bitcoin's (BTC) current market situation. According to him, the recent rise in BTC indicates an overbought zone within a bear market. He predicted that the bottom of the cycle for Bitcoin could form around October 5th, which is approximately 364 days after its previous peak.

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. However, he warned that 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.

In addition to his Bitcoin predictions, Yusko shared his experience with Solana (SOL), stating that he had achieved approximately 1,000 times the return on his early SOL investments. He announced that he had sold about 90 percent of his Solana position.