Morgan Creek CEO Mark Yusko has said that the next bull market could begin as early as the second quarter of 2023 amid favorable macroeconomic conditions and the expectation of a Bitcoin halving.
He has said that the Fed is unlikely to cut the key rate in the near future. However, even a slowdown or pause in this process will be taken as a positive signal for the cryptocurrency market.
The Fed raised the key rate range by 25 basis points on Feb. 1, to 4.5-4.75% per annum. Such a “soft” increase in the indicator was the first since March 2022, when the agency began to tighten monetary policy.
In response to the Fed’s decision, Bitcoin reacted by rising to $24,000 for the first time since August 2022.